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Technology Stocks : Applied Magnetics Corp
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To: Bosco who wrote (11705)4/3/1998 5:27:00 PM
From: Jonathan Bird  Read Replies (1) of 12298
 
OFF TOPIC

Here is a plausible scenario: 1st, to get the numbers right, the LYON holders paid less than $500 [plus ML commission, if any] for a $1000 face value note. Even in a straight conversion situation [19 shares,] their cost is less than $12 per share, not $24.

I think you have the numbers wrong. The buyers paid 452.89 for one LYON. This entitles them to 19.109 shares. 452.89/19.109 = 23.70 per share. If they convert and sell anytime lower then 23.70 they will lose money on that transaction, irregardless of a short position.

Jon Bird
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