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Non-Tech : Boston Market (BOSTQ)
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To: Fred McCutcheon who wrote (1406)7/23/1998 1:00:00 PM
From: Richard R  Read Replies (1) of 1567
 
LYONS

Fred, I sure hope you are right about the LYONs being worth $380.00 of real "value", either cash or stock, on 6/1/00. I have a bunch of these LYONs in an IRA and they're now worth less than half what I paid for them last fall. A miserable situation, but I have lots of company.

Reading the prospectus leads me to believe you are correct in your interpretation. Why have a put option on specific dates if it isn't worth anything more than the conversion at any other time? However, I'm pretty sure the answer I got was that each bond is worth only 8+ shares of common stock, no matter when it is converted.

If Merrill Lynch saw fit to do an article on this feature of the LYONs, there must be more folks confused than just me. Like most everything else with BOST, the prospectus reads like it was written to confuse rather than explain. I'd sure like to see the ML piece; can you provide a reference?

Thanks,
Richard
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