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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: surelock who wrote (266)2/19/1999 9:33:00 AM
From: Fred Puppet   of 1438
 
ICCSA update - thanks to John G.

Generally, a preferred share is like debt, since it accrues interest and comes due at some specific date. Convertible preferred is generally like debt, but the preferred shareholder has the option of taking common shares instead of cash repayment. In the case the the ICCSA floorless, the preferred shareholders do not have the option of being repaid in cash, so this is not debt. Thus, conversion is not required to boost the net tangible assets. As soon as the deal is closed ICCSA will meet the NASD listing maintenance requirements.
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