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Strategies & Market Trends : Roger's 1998 Short Picks
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To: Oeconomicus who wrote (11642)7/17/1998 3:24:00 PM
From: CalculatedRisk  Read Replies (1) of 18691
 
Bob, re:TAVA. Thank you for your response and excellent explanation. In layman terms (ignoring fees & complications):

1) TAVA borrowed $4M in cash.
2) TAVA granted lender options with a "value" of $315K.
3) TAVA will pay back $3.685M in cash, PLUS
4) TAVA will pay 11.5% interest (in cash), PLUS
5) TAVA will write-off (as non-cash interest expense) the $315K.
6) TAVA's paid in capital should have increased $315K.

Is this correct (in simplistic terms)?
Best Regards, Bill
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