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Technology Stocks : p-com (pcms)
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To: Fhirdia who wrote (728)7/26/1998 4:37:00 PM
From: CharlieFox  Read Replies (1) of 1461
 
"There's something going on here, but you don't know what it is, do you Mr. Jones?" --Bob Dylan

I sure have no clue...but I do have a couple of observations and some questions.

I scanned this thread back to the beginning and found no discussion of the "Private Placement of $150 Million Convertible Subordinated Notes" [turned out only to be $100 mil] that took place last Nov 5th. Could the unknown non-US persons who bought these notes be manipulating the common stock price to their advantage? As I understand it, owners of such notes can and do sell the common stock short in an attempt to drive down the price on the shares so that they can convert their notes cheaply and end up owning a substantial chunk of the company.

--but that doesn't make sense. The conversion price on these notes is $27.46 isn't it, so why convert them when you can buy the shares on the open market for less than $7. I'm so confused...

Maybe someone here can make sense of it all. The press release on the convertible notes is at:

p-com.com

On a different subject (I really hate to bring this up), but P-Com had a substantial [$20 million] stake in Papua-New Guinea which seemingly might have to be written off. See:

p-com.com

And if anyone can figure out that "poison pill" arrangement and how it might relate to the convertible notes, I sure would be appreciative if you could 'splain it to me. I've read it several times and still can't make sense of it. But it looks like the death spiral in PCMS's price started about the same time.

"Sometimes I sits and thinks...and sometimes I just sits." --unknown
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