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Biotech / Medical : PHP Healthcare
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To: DENNIS DOCKERY who wrote (97)8/5/1998 1:05:00 PM
From: CMon  Read Replies (1) of 136
 
As for Jim Mac, what do we think? He's done with his selling?

And, Dennis, when you suggest that the company find an alternative financing or that they issued a discount preferred to "take a gamble" you miss the point. They did not have the option of straight debt or a regular convertible or they would have done that. The preferred holders were the last community of investors, save the inexplicable generosity of Natwest, that would finance PHP. By stiffing the holders over the registration penalties, and now by failing to honor the terms of the deal, the company has cut itself off from even that source of capital to fund the future requirements that they WILL face.
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