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To: Saul Feinberg Jr. who wrote (9735)7/30/1998 8:41:00 AM
From: Saul Feinberg Jr.  Respond to of 42804
 
Ed, furthermore,

the bonds can never trade for less than the conversion
value. Otherwise, it will be "riskless". So, in the
example, there is no way the bonds would be trading at
20 percent discount, because the stock price closed at 21 3/4,
slightly above the cost basis I explained in the example.






To: Saul Feinberg Jr. who wrote (9735)7/30/1998 9:33:00 AM
From: TimeToMakeTheInvs  Read Replies (1) | Respond to of 42804
 
Saul, thank you very much for a cogent and concise description of this shorting against the bond strategy. I had never even heard of this before. tim


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