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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Zeev Hed who wrote (66)9/2/1998 12:24:00 PM
From: SnowShredder  Read Replies (1) of 1438
 
Zeev, thanks for looking @ GZTC...it was a spinoff of GENZ and I know a couple of times GENZ absorbed their losses for shares, and they had a 40+% interest in the company. Basically what you are telling me is that they have 1,374,569 shares of floorless preferred stock, and that GZTC can increase the # of issued floorless preferred stock (whenever they want) until they have received a total of $12,000,000? Also that the preferred shares won't be converted into common stock until the common trades for 20 days w/ an average closing price of $14.55. Am I understanding this correctly? Also did it mention who they issued the preferred stock to? Thanks again. Best of Luck, Where'd He Go?
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