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Technology Stocks : Apple Inc.

AAPL 271.84

-0.4%

Dec 31 3:59 PM EST

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To: J R KARY who wrote (24280)	4/22/1999 1:17:00 PM
From: Eric Yang	Read Replies (1) of 213177

JR, there are a lot of misconceptions about the convertible notes and how it affects AAPL. I've been researching into the convertible notes for over a year now, reading all the SEC filings, thinking about the mechanics behind how things will eventually work out. To double check my conclusions, I talked to some institutional traders and had someone consult a fund manager who specializes in convertible debentures. It's a complicated issue but I'll try to dissect it in two articles. The first article will go over the basics: where did these convertible notes come from and why they were issued, the exact terms of the agreement in simple terms...etc. The second article will talk about the conversion, analysis on how these notes have been affecting AAPL share price and what is likely to happen following conversion. I'll get at least one of these articles out by early next week. I can assure you that we won't see 22.6 million shares suddenly flood the market. The reason is that much of these notes (but not all) have already been shorted against over the past 2 years. Eric

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