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Gold/Mining/Energy : Mirant Corporation (MIR) -- Ignore unavailable to you. Want to Upgrade?

To: Nazbuster who wrote (568)	7/2/2002 4:13:03 PM
From: Bruce A. Thompson	Read Replies (1) \| Respond to of 903

Guys, I am reading the prospectus and, like you, it doesn't appear to be floorless. My correspondence with IR was on going this morning and, as you say, could be leading me in error. I will call IR now and speak with them. Back soon, BT

To: Nazbuster who wrote (568)	7/2/2002 5:01:52 PM
From: RCMac	Respond to of 903

>>How about someone else jumping in here for another set of eyes? << As I read the provisions described in the prospectus, the MIR convertible issue is not a floorless or toxic convertible. At conversion, the holder gets a fixed number of shares. That fixed number gets adjusted only in a typical number of ways, all of which are designed only to preserve the original rights of the debtholder against dilution through stock splits, stock dividends, etc. These adjustments to the fixed number just mean that after a stock split or whatever, the debtholder is still entitled to the same fraction of the corporation. Although I would have hoped for better terms (particularly a higher conversion price), MIR is not remotely in such bad shape that it would have accepted a floorless convertible (and surely not dumb enough). --RCM