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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Rod Copeland who wrote (3263)	7/16/1998 3:03:00 PM
From: Zeev Hed	Respond to of 5504

Rod, neither does Merill Lynch right? but surprise surprise, Kurlak manages to time his pronouncement quite well. In any event, P/W is right, there are no bottomless instruments, but HEC has three securities (each differing from each other mind you) with some degree or another of a floorless conversion feature. The RGC owned $15 MM preferred F (with 5% interest), will be taken out one way or another by April next year, if I read it correctly at 90% of the low determined in late December or during February (whiochever is lower). The $35 MM Participation floorless is not clear to me when it has to be converted (it could be taken out completely with participation, if oil flows from there, I presume) since the S-3 I read does not mention a termination. The $85 MM (5% interest) does not become a "floorless" until November 2002. Until then it is a fixed conversion at $6.5/share and after that the lower of $6.5 and the market average over the last 30 days (I am not sure about this because the text is quite confusing in this regard). Zeev