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 (126)	10/10/1998 2:12:00 PM
From: Mama Bear	Read Replies (1) of 1438

ND, I guess I'm not so sure why you are so hung up on REFR being able to set the floor price. I have stated that I believe this to be a more of a benefit to the shareholders than the classic floorless convert. Of course REFR can always choose to not offer the stock under $15. But you still have never answered the question of why they would go to the trouble of making this deal if they didn't intend to sell the stock. I submit that they made the deal because they do intend to sell stock. I also submit that it will be sold underneath the market, because Ailorous will not accept it if it is not. This is by no means a fantastic deal for REFR in my opinion. But it is clear that you will not look at this with an unbiased eye, and I'm really tired of arguing with you. I wish you luck on your other investments. You do have other positions, don't you? Barb

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