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

To: lindend who wrote (1074)	12/13/1999 9:53:00 PM
From: xcr600	Respond to of 1438

None of this crap is safe in this market. Just pointing out the news. But there will probably some aribtrage to play out of this. Stock has still halted when I tried for some shares at Datek earlier. Good luck with your shorts. I got whacked last week and said the hell with it in this environment. I think puts might be a better way but I don't play options. x

To: lindend who wrote (1074)	12/23/1999 12:13:00 PM
From: BDR	Read Replies (1) \| Respond to of 1438

WEBB- due to run out of money 2/00 announces funding. What are the odds this will be a floorless convertible? Will close short at a loss until I get further details. Webb Interactive Services Signs New Agreement with Castle Creek Technology Partners DENVER, Dec. 21 /PRNewswire/ -- Webb Interactive Services Inc. (Nasdaq: WEBB), a leading provider of infrastructure services for local Internet commerce, announced today that it has entered into an agreement with Castle Creek Technology Partners to amend its ten percent promissory note, dated August 26, 1999. Castle Creek has also indicated its intent to invest up to an additional $5 million as part of a new $10 million financing agreement being negotiated with a major financial institution. This new financing is expected to close before year-end. Under the amended agreement, Castle Creek has agreed to modify certain key provisions and to convert half of its original investment into common stock, upon the effectiveness of the currently pending registration statement, among other conditions. "The new $10 million financing to be completed this year should be sufficient to fund our operations throughout 2000," stated R. Steven Adams, chairman and CEO of Webb. "We are pleased that Castle Creek has demonstrated its confidence in Webb by both extending its current investment and evidencing its intent to participate in the new $10 million financing." John D. Ziegelman, managing partner of Castle Creek, stated, "When we became involved with Webb last summer, we had a great deal of confidence in the capability of its management team to increase shareholder value, which has proven to be well founded. We look forward to more of the same." Adams further commented, "Extending our partnership with Castle Creek and attracting new investment is a vitally important step in building a sound capital structure that supports our rapid build-up in product development capability and our road to profitability. We look forward to a continuation of this mutually beneficial relationship with Castle Creek and subsequent investors, with whom we share the goal of long-term appreciation of our business. Lastly, we are very appreciative of the assistance provided by PaineWebber in advising us on this transaction."