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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Reginald Middleton who wrote (12796)	11/30/1998 12:52:00 PM
From: DavidD	Read Replies (1) \| Respond to of 74651

Equity kickers in the form of warrants are calls, not puts. (How can a put be a kicker - simple typo - but you bought it...) Nonetheless there is no cash outlay (excpet transaction costs) for the company to issue them, or to deliver shares in the event they are called. The INVESTOR has to purchase them. In MSFT put warrant program, they may have to buy the shares back with moola. Are you for real? > If there is no cash outlay how in the world do you buy the "puts issued as equity kickers"? Most institutions embed options in the bonds. Really? In many cases warrants may be delivered separately from a private placement (i.e., funding) with no bond issued at all, in which only the securities may need to be delivered. This is the real world, not a paper study.