PLCOP is a convertable preferred stock that cannot be converted until 2 years after issuance. That will be August 1999. Then the holder can convert at any time.
Now no one is paying attention here. If PLCO gets attention the people that know stuff will pick apart the warrants and the preferred and see something just ain't right and they will rocket.
Now if they do not get attention, you have to decide if PLCO will drop to .25 between now and August.
The other alternative, if you can do it, is buy the P's and short PLCO. Then you cover in August for a nifty little profit (about 1000%)
Now you see, me, having stayed up too late posting crap, did not realise the last alternative until this very moment. KMITA, KMITA, again and again.
BTW I haven't checked but I suspect the warrants are warrants to buy the preferred shares and not the stock. I didn't look far enough in the SEC filings.
Well everyone, guess you know what I'm playing monday. Buy, short, buy, short till we reach equilibrium. Think I'd better call the company just to be absoultely certain. |
