Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: N. Dixon who wrote (118)	10/10/1998 8:07:00 AM
From: Mama Bear	Read Replies (1) of 1438

"I thought we had clarified on the REFR thread that the recent equity financing gives REFR all the options including setting the floor price and not having to offer one single share under the Class A warrant. " I believe that is an almost accurate assessment of the S-3. The only thing you left out is that Ailorous can't be required to buy unless it is at 92% of the market price. So it is inaccurate to say that REFR has all the options. Also, I believe you never offered a reason why they would go to the trouble of making the deal if they did not intend to sell shares. While I do believe this deal is better for the shareholders than the classic toxic convertible, it still shows that the company can't convince people with money to lend it to them on any but extreme terms. Barb

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