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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: Michael Olds who wrote (9382)	6/20/1999 12:52:00 PM
From: killybegs	Read Replies (3) \| Respond to of 17679

Carl, Mike... While you have kept in mind that the $40 million issue of preferred is NOT a convertible, I think your analysis of the future treats it like it is... Although Ampex has indicated they will pay the next 4 quarter redemptions in stock, they are Still under NO obligation to do so. They are free to change their mind as conditions change. They don't have to tell the holders anything or discuss it with them. Any holder shorting in front of a quarterly redemption is taking the risk that Ampex may say, Hey we've got plenty of cash,( which they do); our new technology deal is sufficient to fund all the redemptions in cash, for example,,, So we will redeem this quarters portion of the NON convertible preferred in cash. Should they announce this on June 30 after the webcast, short sellers of stock may be truly screwed..