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Technology Stocks : Leasing Solutions (LSN)
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To: Eben Battaglia who wrote (28)10/30/1998 12:35:00 PM
From: mortwald   of 33
 
I think the play in this stock might be the convertible bond of 2003 at 6.875%. At the last price of 57, this bond yields 12% current, plus a 75% gain in five years if they pay off the bond at par. that's 15% a year. Altogether, if the bond doesn't default, you get 15+12=27% a year. The bond is worth about 25 on conversion now, but this feature is an additional kicker if the stock should have a fantastic upmove.
If the pending news is not a total disaster, it seems probable the bond could float up to the 80's in a few weeks or months.

.........................................mort
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