One more note. If preferred reject the waiver deal, and choose to sue PHP for the fines owed, PHP may likely say, "Fine, sue us." In the meantime, as excellent earnings growth is reported all year, and PPH goes up to $25 - $35 range, PHP can settle the fine issue out of court by issuing some common stock to the preferred plaintiffs, in lieu of cash.
Since PPH will likely be trading at $25 - $35, and amount owed will likely amount to no more than $5M - $10M (since common likely to be registered, and conversions begun, by July-August at latest since PPH will be up bigtime by then), no more than 400,000 shares+/- will need to be issued to settle with preferred later in 1998/1999. No problem. |
