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Non-Tech : Cityscape Financial (CTYS) -- Ignore unavailable to you. Want to Upgrade?

To: Rational who wrote (1618)	11/14/1997 1:36:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 2544

Sankar, that means that some conversion has occired (about 12 MM shares) but did they say how much is left of the first $50 MM unconverted? If the whole first preferred was converted, than it went at an average of about $4/share, I am afraid however that there is more of the first left and all the second to go. Maybe someone could call the company and find out. If that is the case then we may be looking at only 70 MM shares (if the rest of the conversion is at $2) and accordingly, the shares are better valued (with all the caveats of my prior post on the future economic conditions and delinquencies ). Zeev