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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: Chris McConnel who wrote (514)6/26/1999 10:14:00 PM
From: Zeev Hed  Read Replies (2) | Respond to of 1438
 
Chris, sorry, I looked only at the most recent S-3, not news releases. You are right, this is what we call, a time bomb floorless, with a critical "repricing date" (about April 9, 2000 ).

There is an "anrishorting clause" but unless one see the whole agreement (typically issued on an 8-k), it is tough to see if that has teeth, furthermore, bandits have been known to engage in off shore secondary accounts shorting. Since the price seems quite high to start with, I would not get into this sick bed on the long side.

Zeev



To: Chris McConnel who wrote (514)6/26/1999 10:20:00 PM
From: Land Shark  Read Replies (1) | Respond to of 1438
 
That's the baby, a floorless toxic, that should crater TMSR. From what I understand, TMSR is in financial straights bleeding red ink and will eventually have to get more funding. I don't understand the recent strength in this TMSR, though.


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