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Technology Stocks : Applied Magnetics Corp
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To: Bosco who wrote (11707)4/3/1998 6:39:00 PM
From: Jonathan Bird   of 12298
 
So, instead of shorting as hedge for the LYON, as Brian originally asked, LYNO is a hedge for the shorting gain. If somehow the share price runs away on the upside, they convert and breakeven.

That would offer some protection to the short. But it would only be a breakeven if they shorted at 23.70 or above. Any shorting below that would be at a loss. And they would of course be stuck with some low quality debs if everything goes right for them.

Interesting strategy.

Jon Bird
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