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

To: Bruce A. Thompson who wrote (1630)	11/14/1997 4:10:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 2544

Bruce, when they go after floorless preferred they have a win win situation, first they short against the block, forcing the price down then they deliver cheap shares after conversion (since they convert at lower and lower prices). They play it very safe and very lucrative. And they leave the existing sahreholders with huge dilution like at least 2 to 1 by the time this gane will be over if not worse. Now, by the way, onyl $55 milions (roughly) are required to take out the left over floor less. The picture is actually getting better a little. Zeev