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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis

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To: Q. who wrote (2043)	12/20/1998 9:24:00 PM
From: RockyBalboa	Read Replies (1) of 2506

John, thank you for you info here. My take is that BTIM should tank a bit on the rights offering. I feel that it has been taken up in advance to get more money in the companies coffers. I also remember the rights offering on SIEB...the common price fell far under the issue price of the new shares (with the diffence that it was fixed at $7 there). However it is a way to get enough cash to survive the next few quarters without extraordinary dilution, depending how high the then effective BTIM price is. As I read the S-3, the ratio is 20:1 here. It doesn't mean that much... What happens if the rights are not exercised? They are simply cancelled and expire worthless? C.

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