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Technology Stocks : Global Crossing - GX (formerly GBLX) -- Ignore unavailable to you. Want to Upgrade?

To: akmike who wrote (11283)	5/17/2001 9:38:55 AM
From: BWAC	Read Replies (1) \| Respond to of 15615

Well for one. I never said GX did the toxic floorless convertibles. All I contend is that ANY convertible held in the right (or wrong) hands CAN be used to hinder the stock price. Floorless or not. Short at the convert price of for example $60. Automatic cover at 60. Someone could short flip short flip short flip constantly without significant risk. All under the original short is just added profits. All covered to the upside. Bearing interest in the meantime for years. Then 3 or 4 years down the road the whole position gets reversed long or the convert short sellers back away. And we move toward the convert price. If you don't think this happens (floorless convert or not) then you aren't looking around deep enough. My last word on this subject. Think both ways, and then it will be clear. Think how you yourself could profit IF you held the convertible. Think out your hedging possibilities from the convert holder standpoint. Either way GX is fine. Well undervalued. And could be better for the shareholders if/when the converts get near the end.