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Biotech / Medical : Novavax Amex: NOX. Great news to open monday morning
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To: PHarris who wrote (25)10/4/1998 12:32:00 AM
From: Matt Webster  Read Replies (1) of 38
 
I hate to be dense (not wholly under my control :o)) but why did the owners of these "toxic financing" preferred convertible shares sell? If the deal was so good for them, and so bad for NOX common, what was the incentive?

I'm obviously missing something critical here, probably about how the preferred shares and the common shares (or warrants or options) are held by the same people. Who is it?

I'm also not understanding how buying something back at the same price you sold it for earlier plus interest is so hugely positive. How was selling these preferred shares different from selling regular debt? Both are prior claimants to equity holders, right?

Someone, please clear this up. I really am lost.

Thanks,
Matt
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