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Biotech / Medical : Biotech Valuation -- Ignore unavailable to you. Want to Upgrade?

To: Icebrg who wrote (6499)	6/7/2002 8:04:24 AM
From: aknahow	Respond to of 52153

Seems that it does mean that unless ELN chooses to part with all or a sizable portion of $951 million it will be issuing shares at very unfavorable low prices, unless the terms specify some set number of shares. Almost all , if not all floorless convertibles gave the companies the right to come up with cash instead of issuing shares but none had the cash. ELN does, but it may not want to use it. The put and exchange features enabled ELN to get a very low rate plus no cash outflow for interest.