Paul, you say "the fears of the variable conversion are way overblown."
Maybe you should do a little research into other companies which have been forced to resort to floorless convertible securities. I'll give you a hint. Try RACE, CTYS, IELSF, RNTK, ABTE, and TTRIF for starters.
You said, "Some on this thread and Yahoo have implied that Castle Creek benefits from shorting the stock down before that time. This is nonsense."
Then, after Zeev discussed an entirely plausible scenario for Castle Creek to be shorting now, you said, "Sure they can short 1.24M shares against their position, and if they are unsure of the company and their original investment, then there are good reasons to do this."
So, in one breath you say its nonsense and in the next you say there potentially good reasons for doing this.
Then you go on to say, "But if you want to worry about the variable conversion issue on existing preferred shares, and calculate all kinds of doomsday scenarios, have at it. Enjoy yourself."
Very partronizing, Paul. I've seen Zeev many times give out very good advice on these threads and be treated rudely for his trouble. I've also seen Zeev be right a lot more often than he is wrong.
You might also benefit from doing a little due dilligence on Zeev. Click on his name to see his profile. Then click on his favorite link.
Just a little friendly advice.
|
