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Technology Stocks : CDRD (CD Radio)

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To: Candle stick who wrote (370)	11/21/1997 10:44:00 AM
From: Jim Miller	Read Replies (1) of 904

This yesterday: CDRD: <<announced today that its offer to exchange shares of its new 10 1/2% Series C convertible preferred stock for outstanding shares of its 5% delayed convertible preferred stock had been accepted by all holders of the existing preferred stock as of the expiration of the offer at midnight last night. In accordance with the terms of the offer, the Company will issue approximately 1,932,073 shares of Series C convertible preferred stock in exchange for the 4,988,781 shares of 5% preferred stock that were tendered. The new stock is expected to be issued on Thursday, November 20, 1997.>> Could someone with better grasp of these issues offer a read on the actual process, and the effects or relationship to thursday and today's spectacular events, please? Jim

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