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Strategies & Market Trends : Shorting stocks: Broken stocks - Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Q. who wrote (968)	3/31/1998 7:35:00 PM
From: Dante Sinferno	Read Replies (2) \| Respond to of 2506

Yieldup International (YILD) YILD had a press release today concerning a $6 million convertible preferred. This translates to 615,000 shares. Float is 3,900,000 according to Market Guide giving us 16% of float , except...... from the 10KSB filed today : ------------------------------------------------------snip---------------- On March 30, 1998, the Company completed a $6 million equity financing in a private placement of convertible preferred stock (Series A Preferred Stock). The Company, subject to certain conditions, may exercise a put option for up to an additional $6 million and the investors, subject to certain conditions, may exercise a call option for up to an additional $6 million. The Company has agreed to file a registration statement for the resale of the shares of the Company's Common Stock acquired on conversion of the Series A Preferred Stock. Under the securities purchase agreement, the Company has issued 600 shares of convertible preferred stock which are initially convertible into an aggregate of approximately 615,000 shares of the Company's Common Stock. After the satisfaction of certain holding periods, each of the newly issued shares of Series A Preferred Stock is convertible, at the option of the holder, into shares of common stock of the Company based upon a conversion price of $10.8625 per share or if lower, 100% of the market price, defined as the lowest closing bid price during the 20 trading days preceding a conversion. The convertible preferred stock bears a dividend of 5% per year, payable in kind. The shares of Series A Preferred Stock are subject to automatic conversion after three years if not previously converted. ----------------------------------------------------snip---------------------- Haven't seen the lowest closing bid in 20 day language before. Anyone else ? The other thing item missing is the timeline , and I'm not sure we can expect a more detailed 8K since it is covered in the 10KSB. "Someone" might have to call the CFO. ;-) Rob

To: Q. who wrote (968)	3/31/1998 8:01:00 PM
From: Anaxagoras	Read Replies (1) \| Respond to of 2506

FWIW, Iacocca has been on KKRO's board for a few years, I believe, so it's not like he's totally unfamiliar with the situation. Also FWIW, I tried to pick up shares at 2 1/2 on the news, but it turned out my account was maxed out. :-( Woulda been sweet. Anaxagoras

To: Q. who wrote (968)	3/31/1998 8:05:00 PM
From: Alan Lee	Read Replies (1) \| Respond to of 2506

<< What sense does it make for a retired auto executive to take over a chain of California restaurants. >> According to an article in the LA Times, it's because he has a sizeable investment in it himself, or at least has some association with a group that's heavily invested. Not that that explains why it makes sense, mind you, it only explains why he did it.