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To: lindend who wrote (3340)	8/27/1999 1:29:00 PM
From: Marconi	Read Replies (1) \| Respond to of 10293

Hello Mr. deCarmo: WEBB Based on Castle Creek's involvement with past convertibles, their involvement with WEBB waves the checkered flag on WEBB's future--not a go, but a checkered future. I think it worth examining for a larger short position, particularly if this is the first convertible. Anyone have a death spiral impression on this situation. Time is short today, but I'll make a note for next week. Thank you for the telling links. Best regards, m

To: lindend who wrote (3340)	8/27/1999 8:03:00 PM
From: Larry Brubaker	Read Replies (1) \| Respond to of 10293

Linden, while Castle Creek does indeed specialize in floorless convertibles, that does not necessarily mean a new deal with Castle Creek equals an immediate shorting opportunity. Often the Castle Creek deals involve a delay before the floorless kicks in. Often this delay allows the stock price to go up substantially before it goes down. Cases in point are SCUR and VLNC. Both ran up substantially before the death spiral began. In the case of VLNC, the death spiral began only recently, a full year after the Castle Creek deal was inked. With SCUR, I believe the delay between deal and death spiral was about 6-7 months. IMO, one should read and understand the filings related to this deal before one decides how to play it. The next move could well be up, if the history of Castle Creek deals is any teacher.