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Technology Stocks : CCAI - A new dog with the same fleas?
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To: KEN MATSON who wrote (4)12/22/1998 3:00:00 PM
From: Zorro  Read Replies (1) of 28
 
Hi Ken,

If I remember correctly, the old senior notes were still trading at about 26/100 even after the reorg announcement. After the reorg approval, each senior noteholder should have then received (per each old note) approximately 0.7742 new notes, 50 shares CCAI and $60 cash. So, assuming the street value of the CAI bonds has remained about the same since the reorg, I believe each new note should have a market value of at least [let's just say CCAI = $1.00]

($260 - $60 - (50 * $1.00))/0.7742 = $194

Agree?
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