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Biotech / Medical : Novacare (NOV) breaking out... -- Ignore unavailable to you. Want to Upgrade?

To: simarx who wrote (339)10/14/1998 9:41:00 PM
From: mortwald  Read Replies (1) | Respond to of 420
 
There's something very wrong here. NOV has a convertible bond, 5.5%, due Jan. 2000. It closed at 61 today. If they don't default, this would imply a yield of about 70% over the next 15 months.
The inference seems to be they will be able to neither pay off or refinance. If the bondholders have any protection, (unlikely) the bonds should be a smarter buy than the stock.

...........................................mort



To: simarx who wrote (339)10/16/1998 10:50:00 AM
From: Dave Hanson  Read Replies (1) | Respond to of 420
 
Congrats on your great timing--what a nice gain. Wish I would have the cash to head in with you last week at < 2.

Regards,

Dave


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