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Biotech / Medical : PHP Healthcare
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To: Allen Furlan who wrote (95)8/4/1998 8:15:00 AM
From: CMon  Read Replies (1) of 136
 
1) Company obviously would have financed itself with a convertible or straight debt if they'd had the option to do so. They didn't. The problems with this company have been plain to see long before they issued an excessively large lookback convertible and it was the only option available to them. Traditional markets would not do the deal.

2) Billionaires do make mistakes. And in this case, though I don't know, I wouldn't be surprised to learn that we are talking about Kluge's money and his managers as opposed to Kluge himself. And no, I don't think he's a preferred holder.
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