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Strategies & Market Trends : IPPs and Merchant Energy Co.s -- Ignore unavailable to you. Want to Upgrade?

To: Joe Stocks who wrote (247)9/27/2002 10:42:23 AM
From: Larry S.  Respond to of 3358
 
XEL down a nickle after div cut. not bad. eom



To: Joe Stocks who wrote (247)9/27/2002 10:53:18 AM
From: NDBFREE  Respond to of 3358
 
In my opinion if the preferred is not a convertible preferred then it is essentially a bond that is lower in the pecking order and as a result pays a slightly higher dividend.



To: Joe Stocks who wrote (247)9/27/2002 11:15:06 AM
From: KyrosL  Respond to of 3358
 
Joe, in my mind the risk of the preferred and the common is the same. Mirant either goes bankrupt or it survives and thrives. In the first case, both the preferred and common are worth zero, but the bond at current prices will not lose much. In the second, the common, at around 2, has much better upside than the preferred, and the bonds have just about the same upside as the preferred.

Kyros


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