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Biotech / Medical : MEDX ... anybody following? -- Ignore unavailable to you. Want to Upgrade?

To: Madharry who wrote (723)	7/18/2003 9:44:22 AM
From: Icebrg	Read Replies (1) \| Respond to of 2240

I don't think that this was Plan A. They tried to hold the price at 6, but in the end they had to give in. Most probably they had hoped to do it at 7 dollars plus. Closing price on Wednesday was 7,03. Now they ended up with something that looks like a straight equity discount plus a 4,5 % interest charge. If this means that there is no risk any more for a 2006 debt default, it is most probably worth it. Please, note that even if they don't buy the debt straight off the market having brought in more cash may very well ensure that there are funds available to meet the converts falling due in 2006. Execution was extremely poor. They should fire the CFO. He has done two bad deals in a row now. That is at least one too much. Erik