America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: IKM who wrote (5824)	11/12/1997 10:58:00 AM
From: PAL	Read Replies (2) of 13594

Could you translate these seemingly inconsistent paragraphs which I copied from the news release? The Notes have been sold inside the United States* and outside the United States in a private placement under Rule 144A and Regulation S, respectively.* Then, a few paragraphs later: Neither the Notes nor the common stock issuable upon conversion have been registered under the Securities Act of 1933 (the ''Securities Act'') and may not be offered or sold in the United States except pursuant to an effective registration or an applicable exemption from the registration requirements of the Securities Act. The main question is : Have all the notes been sold and any of them in the US? Who would buy it? Any Moody's ratings? There are better junk bonds yieding much better rates. Considerations for this convertible bonds: SUBORDINATED, thus lower priority, hence the sweetener is that convertability. Yet the conversion price is skyhigh and the yield is rock bottom. Who says that logical analysis always pays off on Wall Street? The big boys still control the kitties.

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