Floorless Preferred Stock/Debenture Message Board

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Strategies & Market Trends : Floorless Preferred Stock/Debenture

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To: Dr. John M. de Castro who wrote (362)	3/24/1999 9:46:00 AM
From: Anaxagoras	Read Replies (1) of 1438

<<...I smell a floorless. >> Possible, but it doesn't look that from the initial terms, if I understand them correctly. Right now the preferred converts at a premium; they get common at $1.20 a share ($120 for a share of preferred divided by 100 shares of common)- I show a closing quote from yesterday at $0.72, so that's a huge premium of 71%. IOW, this aspect of the deal looks favorable to the company. But as you point out, who the heck knows what we'll see in the filing. Anaxagoras

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