Roger's 1998 Short Picks Message Board

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Strategies & Market Trends : Roger's 1998 Short Picks

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To: Roger A. Babb who wrote (6410)	4/6/1998 11:52:00 PM
From: Oeconomicus	Read Replies (1) of 18691

Roger, not that I know anything about PSFD's business, but it doesn't smell fishy based on the preferred issue. For $6mm, the Stephens group gets the equivalent of $8.1mm of common (based on Friday's close of $10 1/8; it was up 2 5/8 today) plus warrants to buy 200,000 shares of common at $7 1/2 ($1.05mm in the money today). The thing is, it was trading at $7 1/2 just two weeks ago (as high as $14 in January). Not that odd really if they are running short of cash, perhaps explaining the fall and the deal. No death spiral I can see. Stephens was nice enough not to charge placement fees. Also, it is a bulletin board stock, so even if the fundamentals bite ... But, would you want to bet against Stephens anyway? Regards, Bob

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