Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Zeev Hed who wrote (103)	10/8/1998 10:56:00 PM
From: George Dawson	Read Replies (1) of 1438

Zeev, Almost all of the longs on the thread have been interested in fibre channel and knew the product was good and the company has good engineers. We figured the market would develop (as it has) and that the company would start making money and signing deals (it has). Unfortunately, none of us knew about this mode of financing and how it can destroy the stock price. What is really frustrating is not even having access to the appropriate information on the conversion itself. We don't know how much of the conversion is left and probably won't until we read the SEC reports after the fact. It is impossible to know the implications of the short position, without knowing the amount left to convert. As anyone can tell by reading the posts - we are generally guessing about how the conversion works. At this point the strong case to stay is primarily that I would not be able get sufficient tax loss advantage - I would probably run out of time. I think your thread is good advice to prevent others from finding themselves in the same situation. The Ancor story may be a floorless convertible experiment in progress. George D.

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