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Technology Stocks : Westell WSTL -- Ignore unavailable to you. Want to Upgrade?

To: Mad Bomber who wrote (18309)	3/16/2000 5:06:00 PM
From: LiPolymer	Read Replies (1) \| Respond to of 21342

MB, it's been a while since I slogged through the SEC documents, but if memory serves correctly WSTL can call the notes upon certain events, such as a merger, for 125%. In this case Castle Creek & Friends would make much less than if they had employed their usual tactics, so they had to quickly hedge and convert the preferred shares before the merger is completely consummated. I believe they can continue to hold the warrants, but they have probably hedged against some, if not all, of those by now. Regards.