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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: John Liu who wrote (54)8/17/1998 2:19:00 PM
From: Ditchdigger  Respond to of 1438
 
John,you can look at the EXSO press releases,they refused to convert,but acknowledged the fact that they would have to ask shareholders to increase the number of authorized shares to accommodate conversion. They were able to refuse because there weren't enough shares available to convert. But in the longrun,IMO they are contractually bound to convert,regardless of the damage to shareholders.. A deal is a deal..DD



To: John Liu who wrote (54)8/17/1998 2:32:00 PM
From: Zeev Hed  Read Replies (1) | Respond to of 1438
 
John, I searched, but I have not been able to document a single case in which floorless debentures where issued and where management succeeded later in avoiding the massive dilution of their shares. I'll be happy to find one, there are many companies that need that escape route.

Zeev


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