Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Zeev Hed who wrote (184)	11/26/1998 11:37:00 AM
From: George Dawson	Read Replies (1) of 1438

Zeev, Isn't a mechanism possible if you put some of your capital at risk (e.g. by shorting at or even below the conversion price). The convertibles I am referring to are MRVC. The details of the price and stock action are concisely stated in this post: Message 6572136 The convertible is a fixed conversion with a 20% premium (before the price plummeted). The total amount of debt issued is also substantial ($100M). In this environment, it seems that you could short a fraction of your holdings and try to cover that with purchases at a lower price on the open market. You would be balancing you ability to exert significant short sales pressure against the risk that the price would not be affected. Thanks, George D.

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