Mr. Pink's Picks: selected event-driven value investments Message Board

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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments

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To: Ken Brown who wrote (1252)	3/22/1998 5:56:00 PM
From: Ken Brown	Read Replies (1) of 18998

A closer look at CMI's S-3/A shows that most of the shares eligible for conversion are debentures, not warrants. There's a discrepancy in the numbers in the S-3/A that I have to get IR to clear up, but still it's clear that the # of outstanding warrants are relatively small (< 10%). The fact that they're debentures is important, since if they're converted to common, they dilute, but they also are no longer costing interest, which helps the bottom line. So, I'm still somewhat baffled by the > 50% drop in what appears to be a still-fast-growing company. Time will tell. Ken

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