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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments
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To: FESHBACH_DISCIPLE who wrote (9207)5/26/1999 4:59:00 PM
From: MAELING  Read Replies (1) of 18998
 
Kind Sir, you are a CUNNING LINGUIST.

I am a poor soul, if I owned $125, I would instantly buy a bus ticket to Sherman Avenue in Palo Alto. I would recline at the feet of the Brothers Doofus.

But I don't, and I'm not.

So why not get back to your 10% rule that you say is so critical in this case. If I diagram out the logic of the sentence that you posted, it avails itself of a lot of logical absurdities. The intent of the terms was to protect the capital of the TAPS buyers. I look at the instrument as a debt-equity mix where the company is screwing around with their balance sheet to add more equity without dilution. While the buyers can participate in the upside appreciation of the stock while receiving a guaranteed yield at Govt. rates. My sense is that there was little thought about the idea that the stock price would decline in a material way. The idea of bankruptcy was thrown in to protect against a most unlikely event. It never occurred to buyers that near-bankruptcy could happen. It never occurred to the company that TAPS holders would be incentivized to throw the company into bankruptcy.

I remain MISINFORMED.

But now you say <<It's a legal skirmish here.>> with the caveat that your endpoint might not be what you promised. Which brings me back to my envelope scribblings that suggest peri-mutual betting has assigned it very long odds.

Me and Johnnie Cochran are still waiting to try on the glove.
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