Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Pastimes : From A to Zeev" -- SI Sacks Zeev -- Ignore unavailable to you. Want to Upgrade?

To: Bernard Levy who wrote (581)	12/29/1998 9:31:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 708

Bernard, I am not sure that this blurb describe the whole story, but if it does, it is a unique type of floorless, the "conditional" one. There is a condition that the company must fulfill (a material order"), then there is a maximum ceiling setting mechanism, that is the two months period prior to May of 1999, during these two months, I belive that a new fixed conversion rate will be determined based on the lowest three consecutive days. within any 15 days period. The bandit will be busy putting pressure on the stock price in this period to obtain as low as possible a "repricing" (see recent discussions on HEC where such a repricing exercise has been in action since Dec 9th and will terminate Jan 9th, the stock has been creeping to new lows daily) of the conversion ceiling. I think that part of the conditions are missing from that citation, particularly what happens long after May 1999, and when the preferred have to be converted no matter what. Try and locate a recent S-3 where the shares required to cover this preferred will be registered. Zeev