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Non-Tech : Cityscape Financial (CTYS)
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To: Ploni who wrote (1866)12/18/1997 1:23:00 PM
From: sjemmeri  Read Replies (1) of 2544
 
>Come on, Paul. Is the company near extinction, or not? If so, it >doesn't matter what the convertible holders do. If they convert, they >get worthless stock. If they don't convert, they keep their convertible >preferred stock, which will also be worthless.

If bankruptcy is declared, they are better off holding the preferred
as they are first in line for whatever proceeds are obtained from
sale of remaining assets.
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