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Technology Stocks : Cymer (CYMI)
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To: Jess Beltz who wrote (8383)11/5/1997 8:14:00 PM
From: Peter V  Read Replies (1) of 25960
 
You guys are missing Emile's point. His theory is the bond holders shorted the stock, which doesn't cost anything but commissions. Then, like all shorts, they hope the price drops so they can buy back the stock at a lower price, thereby making money, without touching their convertibles. The convertibles were just a backup in case the stock rose ABOVE $47. In such a case they could cover for $47. Emile said this in his post: They do not cover their short positions by converting their bonds. They cover their short positions by buying in the panicked and disoriented market. The conversion of the convertible bonds are a backup in case the plan failed--which was virtually impossible. I'm not necessarily agreeing with Emile's theory that the bond holders are the shorts, but I think it's at least plausible, and you guys were misinterpreting his theory. Can't we all just get along .... ???
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