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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (77230)	3/8/2000 10:18:00 AM
From: Steve Lee	Respond to of 132070

Check my profile and look for my/Zeev's posts on Steve's Channelling Thread. It is discussed briefly there about a week ago.

To: Freedom Fighter who wrote (77230)	3/8/2000 10:25:00 AM
From: Mike M2	Respond to of 132070

Wayne, for the scenario ask on the POS ( MU) thread. Basically Micron has a $500 million convertible debt issue and Micron can force the conversion of this debt into equity if the price of micron's stock stays above a set target for 20 out of 30 days. This convertible debt was issued in June/July? 1997 and buried in the fine print Mu also had the right to defer interest payments for two years ( and they did). The details are in the 10 k. I think the price is about $ 87 . Maria has a lot of cheering to do in the next month. mike ho ho ho

To: Freedom Fighter who wrote (77230)	3/8/2000 10:35:00 AM
From: IceShark	Read Replies (1) \| Respond to of 132070

Wayne, The "scenario" boils down to MU having to get rid of debt or that anchor around their neck may drown them as well as some old fashioned greed. There is a $500mm convert out there - the one they can defer payment of interest on that was issued back in 97. Anyway, we are now in the period that forced conversion can take place if the stock closes above 87.67 for at least 20 trading days out of 30 consecutive trading days. Conversion price is 67 and change. Then there is the TXN $740mm convert (@ 60/sh), and all the tons of common shares TXN and INTC have (total 44.7mm) as well as employee options (tens of millions). So the scenario goes that everyone and their brother, including investment bankers, wants the price to pop up enough to trigger forced conversion of the 500mm and lets see where we can go from there. As in start selling or hedging like there is no tomorrow. -g-