Zitel-ZITL What's Happening Message Board

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Technology Stocks : Zitel-ZITL What's Happening

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To: Mark the K who wrote (16925)	7/29/1998 5:41:00 PM
From: Marconi	Read Replies (1) of 18263

Hello again Mark the K: I missed the 15 min editing limit. It was annoyingly slow then. I just recalled the thought for the stairsteps--it was from the convertible debentures being traded at pegged prices in lots over time. And the conversion was not assumed to be a straight out conversion of the debentures, but a combination of conversion, shorting, options--the whole ball of worms. The conversion rights were much larger potentially in effect than the daily or even weekly money flows in ZITL shares, so the market trading in a sense could be subordinated to the effects of the debentures. See PPH for today for an extreme example. Best regards, m

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