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

To: Rob W who wrote (1095)	1/9/2000 7:40:00 PM
From: TH	Respond to of 1438

Rob W, I asked Zeev and Company the exact same thing about 6 months ago. The answer they gave me was not good. It did lead me into learning a bit more about floorless, and I should add I am avoiding all that have any in the future. ASTM right now is a mystery. The company who did the floorless, RGC international, has converted some of their shares, but a whole lot are still open. A lot of talk about a buyout for ASTM. It is possible, but I would not bet the farm on it at this time. ASTM has solid tech, some good patents, but NO CASH. The place is pretty much out of business waiting for SSB to find a buyer. Hope this helps and good luck Thurston

To: Rob W who wrote (1095)	1/12/2000 8:10:00 AM
From: Zeev Hed	Read Replies (1) \| Respond to of 1438

Rob, I just took one look at ASTM and it surely does not look pretty, it is not just a floorless (with current debt able to double or more the number of shares outstanding at current prices), but they are a leaky floorless, namely, they will need to go back to the market quite a number of times before they hope to become positive cash flow, since they have barely a quarter or two of burn rate on hand. It seems that their burn rate is close to $12 MM per year, management still pays itself quite handsomely, and frankly, unless you know that they have an impending huge success (or a partnership taking on the expenses of running the company), I would expect this stock to see new lows well under $.25 sometime this year. Zeev