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To: Lord Smooth who wrote (1339)	2/21/1998 11:00:00 AM
From: Zeev Hed	Respond to of 14347

Schoepnhauer, not only these were ugly stories, in many of these cases, a cyberfriends asked why I am not investing (like CTYS at 7 and then, a stated PE of 3 <VBG>), and when I came on the thread to warn of the effect of floorless on stock price, I was, of course, a person with an "agenda" or a "short". I think that in the last two years or so that I have been posting on public boards, I have seen too many of these, first a bunch of Reg s and now this new "innovative" instrument. The only stock that had a floorless that did not fall apart was AIPN (i even collected enough guts, once and jumped in for a short trip). It, of course, has a very specific anti arbitrage covenant. This is why it is extremely important for holders of this issue to ascertain that such an anti arbitrage covenant is in the registration statement of this floor less preferred. Zeev