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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: david james who wrote (18279)	7/9/1999 10:35:00 PM
From: BDR	Read Replies (1) \| Respond to of 18691

<<I am not sure what you mean by this. I am sure you are aware that a convertible holder wants the lowest price possible for conversion. The lower the price the more shares they get.>> Assuming they want to end up holding the shares. The debenture conversion is capped at $6. I thought that they might prefer to short the stock at the then current price, say $7, and convert at $6 for a quick one dollar profit. Lower than $6, so much the better. I have never engaged in the discount convertible game so I don't know how they would actually prefer to play it. "The debenture may be converted by Roseworth or any other holder of the debenture into shares of our common stock at a conversion price per share equal to the lower of 95% of the market price (as defined below) of our common stock or $6.00." <<But if you think its a good short, then go for it.>> Always willing to learn and adjust positions according to the available information. Thanks.

To: david james who wrote (18279)	2/4/2000 11:52:00 PM
From: BDR	Read Replies (1) \| Respond to of 18691

BDE redux << The $6 mill was a potential credit line if they needed it... However, that is a moot point since the company raised enough capital through the group of 7 investors to make the debentures unnecessary. Those investors include the Saudi Royal family>> freeedgar.com "On January 31, 2000, we issued our first put notice to St. Annes Investments, Ltd., under the securities purchase agreement dated March 29, 1999, between Brilliant and St. Annes. By delivering this notice to St. Annes, we elected to sell $1,000,000 in aggregate traded value of Brilliant common stock to St. Annes under the pricing formula set forth in the securities purchase agreement." I guess it isn't moot anymore. Burned through all that capital and it is time to call on St. Annes. The Saudis filed to sell their interest a long time ago. I wonder if they are still around.