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Technology Stocks : Disk Drive Sector Discussion Forum -- Ignore unavailable to you. Want to Upgrade?

To: Robert Schling who wrote (1393)	11/2/1997 10:14:00 PM
From: Frodo Baxter	Read Replies (2) \| Respond to of 9256

re: APM short interest In March 96 APM placed $115 million of 7% convertible debt due 2006. The strike is $18.60. This is the equivalent of 6.2 million shares. Now, if I was a holder of this debt, and the stock price of APM was significantly above $18.60 (which it was and still is), I would lock in my gains by shorting against the box on my converts. If I were to actually convert the debt, I lose out on my 7%, which is why I bought the damn thing in the first place. Hope this helps.