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Technology Stocks : Zitel-ZITL What's Happening -- Ignore unavailable to you. Want to Upgrade?

To: Michael who wrote (16908)	7/29/1998 3:56:00 PM
From: Steven M. Kaplan	Respond to of 18263

Our "Expert Analyst" states>>King does not (and whole Zit staff) know the correct amount of Convertible Debentures.<< Dear Michael - I am truly surprised at you, being an "Expert Analyst", and blowing this one. The $25,000,000 debentures, with a 10% discount to the trailing market price, have to be grossed up. (Don't you remember that they had to book the 10% discount as "deferred interest" ? - You should - you made a big deal at the time about how that meant another large wrie-off) Well if you divide the $25,000,000 that they received by .90, you get the grossed up value of the bonds, $27,777,777.78. They take a charge for "interest" of $2,777,777.78 and the net cash is $25,000,000.00. Simple math, dear "Expert Analyst". So, you see, King does know what he is talking about. You, sir, don't. Steve