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

To: Larry Brubaker who wrote (1011)	10/23/1999 2:07:00 PM
From: Bosco	Respond to of 1438

G'day all - I was looking at GMGC. After so many false starts, I think its latest reincarnation into a wireless/net [can't find more buzz than that] may be real. Additionally, I notice SNE recently dumped some [if not all] of its position. That could even be a good contrarian indicator GMGC has reached a bottom. Unfortunately, when I check its latest 10Q, there seem to be a lot of Prefers floating around. The verbiage on Prefer D looks awfully close to floorless. Any opinion? TIA best, Bosco

To: Larry Brubaker who wrote (1011)	10/29/1999 9:13:00 AM
From: Cathi Wierzbicki	Read Replies (2) \| Respond to of 1438

Larry and Zeev: Do either of you have any familiarity with variable priced equity lines of credit? SCUR now has a 25 million dollar equity credit line which can be accessed (subject to certain terms and limitations) at their discretion. Do the issuers of these credit lines tend to preshort? According to their CEO, all but 30% of their convertible debentures have been converted. I assume that 30% is likely already hedged. I was beginning to breath a sigh of relief...:-) But, now wonder if this new credit facility has the capacity to be equally toxic. Thanks for any insight or opinions you may have on this subject. Cathi