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Non-Tech : Play-by-Play Toys and Novelties (pbyp) -- Ignore unavailable to you. Want to Upgrade?

To: Land Shark who wrote (123)	10/27/1999 12:40:00 PM
From: Dako	Respond to of 132

The chief highlight of the financing deal is that it keeps Play by Play a going concern, which some people, not myself, thought was at issue. The biggest positive is that the convert holders surprisingly didn't demand a better conversion ratio than $6/share, although the maturity is shortened up to 12/31/00, and the coupon set at 10 1/2%. Don't know what they're paying on the senior line, presumably something north of prime, and you can bet the $60 million is a fiction, probably closer to an amount that replaces the $35 million from Chase (which was fully tapped, I believe) plus a little additional WC. There has got to be some short-covering today on the news, but expect the rally to be short-lived. These guys still have terrible numbers to report for the July quarter (the audit looks like it will be delayed) as well as at least the next two quarters. And of course, there is no Pokemon play here. As that sinks in and the short-term covering is completed, the stock will fade as longs find no reason to buy it.