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Biotech / Medical : Sepracor-Looks very promising -- Ignore unavailable to you. Want to Upgrade?

To: John Metcalf who wrote (988)	7/8/1998 11:46:00 PM
From: Ed Ajootian	Respond to of 10280

John, Generally agree with your points. I'm not saying the noteholders are gonna sell against the box or convert and sell the stock at these prices. I'm just saying that the pie gets cut into more pieces, by 4 mm shares when the share price goes > $47.50, that's all. The debt goes away too though, so right at $47.50 there is no dilution. That is, the pie gets split up in more pieces but it also gets bigger by those same number of pieces times $47.50. But, the upside gets diluted, and as we all know, folks buy biotech stocks for the upside.