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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: flickerful who wrote (3146)	8/3/1998 9:12:00 AM
From: killybegs	Read Replies (2) \| Respond to of 17679

Randy, Nickname on the street for these preferreds...Toxic Convertibles...The ampex preferreds are on the complete opposite end of the spectrum....new convertible is fixed price at 4(100% of mkt price at the time) and is non cumulative..the other new one is noncumulative, non convertible, redeemable beginning next year quarterly over 10 years.... I am long some Hayes now because of this preferred which tends to crush the common price creating some artificially low prices...what needs to happen is some proactive fixing. If one sees it as doable, one may get some interesting trading opportunities.... Some recent victims....ISCO Illinois superconductor.....NPRO..... One of the biggest hedge funds specializing in this toxic waste is Elliott Partners...if you see them as holders of preferred in a stock do your homework...they make wonderful money for their constituents and they would argue they are providing financing for companies that absolutely need it, but they have destroyed a lot of common equity value in Illinois SuperConductor and Hayes.