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

To: caly who wrote (1129)	1/27/2000 7:58:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 1438

Calypso, some of the floorless is still in place, but typically, if the floorless bandits starts the process of conversion and the stock has not gone spiraling down, they will convert the rest to cover their hedge. It seems that VASO is entering a period of profitability and thus the cash on hand (about $1.5 MM) should suffice for their operations. Unless they get into a very bad run with Murphy, one would say that the major dangers are over. Their current valuation at about $120 MM may not be excessive if their equipment is widely used, but I have no idea what the equipment goes for and what are the future sales expectation, I am not sure if they have US FDA approval either. In any event they seem to be running at sales rate of $12 MM/year and growing this rapidly, at this level they cover all their expenses and then some, if these sales can double every few quarters, this stock might actually be cheap now. Zeev