Disk Drive Sector Discussion Forum Message Board

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Technology Stocks : Disk Drive Sector Discussion Forum

WDC 181.18

+3.5%

Dec 19 3:59 PM EST

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To: Tom Simpson who wrote (3593)	6/10/1998 1:10:00 AM
From: Frodo Baxter	Read Replies (1) of 9256

>I just looked at the 5/12 S-3 filing to find the terms. 20 year zeroes discounted to 35.7%, converts at 66 bucks, company can call after 5 years. Conversion looked a long way off before this latest. Not quite... You get 14.935 shares per $1000 face. But you don't buy zeros at face, now do you? You buy at discount. So $354.71 / 14.935 = 23.75 strike price. >I think the level of thread panic here is way overdone. This company still has a whole lot of money to piss away before the fat lady sings and the curtain falls. Of course the snow in the immediate area is looking decidedly yellow :o) Yeah sure. I mean, they only lost about 40% of their shareholder equity over the past 3 quarters (per share book: 7.43 at 9/27/97, ~4.40 at 6/31/98... before whatever they pay IBM). Now RDRT or KMAG may be trading at book, but WDC is different... right?

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