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

To: Greg Jung who wrote (961)	9/14/1999 11:43:00 PM
From: Larry Brubaker	Respond to of 1438

RE: NAVR floorless: <<has anybody here penetrated the legalese and the what-ifs yet?>> Greg, sorry, my eyes glazed over from the very beginning of this one. From the summary description, it looks like there is a $9.25 floor on the conversion price until Feb. 20, 2000, when the floor is removed. But who knows what legal shennanigans lurk in the document? If I were long the stock like your friend, the sheer complexity of the document would make me nervous, since my theory is the more the deal makes your eyes glaze over, the more the lawyers are trying to pull the wool over your eyes. If I were long, I would spend the time to go through it.