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Strategies & Market Trends : Roger's 1997 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Don Kelly who wrote (8562)	12/18/1997 12:03:00 AM
From: Bill Wexler	Read Replies (2) \| Respond to of 9285

You're right..I missed that. Convertible debt deals (particulalry the offshore variety) are an extremely good indicator that a company may be in trouble. Still....I don't follow this industry. Oh well, plenty more fish in the sea.

To: Don Kelly who wrote (8562)	12/18/1997 1:20:00 AM
From: taxikid	Respond to of 9285

dilution could BE {please post covenants} 7 years out.. convertible debentures don't have to be converted..they are also subordinated.. which means they are above shareholders{most likely wall st's beef}they are unsecured.. and $175 million is the gift.. @ 5%.. hell i wouldn't mind getting 175 mill for 6 years@ 5%...unsecured.. the fine print says they are below future senior indebtedness.. which MAY mean that there are senior notes that may be able to be rolled over and/or open for more loans as per the trust indenture filed w/ SEC.. now if anyone has a link to these covenants i would love to take a peek at 'em.. i don't follow this stock or their bonds for that matter.. but my interest is peaked.. who/why would anyone part with such a large loan unsecured unless they thought the company would be doing better..stock wise.. taxi