Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.570

-4.5%

Dec 26 3:59 PM EST

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To: steve kammerer who wrote (9620)	11/12/1998 2:45:00 PM
From: jayray	Read Replies (1) of 22640

Dear Steve, See Post 9599 regarding TBR/RTB conversion. As of now, Schwab is telling me that converting to TBH will cost $.05 per share going to BONY plus $39. conversion fee to them. To convert to RTB, BONY will charge us $.25 per share to cash out our TBR shares, with $.05 going to JP Morgan (RTB "creator"). Of much greater concern is what constitutes a round lot; I've seen figures as high as 300 shares needed to qualify for conversion of any type, with the odd lot being cashed out by BONY - now that should really depress the stock! As if that weren't enough, the Brasilians, and I'll bet their BONY brothers, changed the 1 to 1 conversion ratio on all but 4 of the 12 new companies. the new conversion ratios range all the way down to 1 new share for every 20 TBR adrs you hold. This ploy involves the cellular companies, but it has the effect of diluting the value of our TBR shares by 5% or better(see posts 9492 and 9504 for the whole sordid story). Looks like we've been had again.

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