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Technology Stocks : p-com (pcms) -- Ignore unavailable to you. Want to Upgrade?

To: stevebro who wrote (885)	12/30/1998 2:48:00 PM
From: JakeStraw	Respond to of 1461

Thanks for clearing that up.

To: stevebro who wrote (885)	12/30/1998 7:42:00 PM
From: Bernard Levy	Read Replies (1) \| Respond to of 1461

Dear Steve: The definition of a floorless is that it can convert at a price fixed by a trailing average of the stock price. If the holder is successful in dropping the stock price to a very low level, say 50 cents, and then convert, it will hold 15 million shares. Actually, P-Com should be sued for misrepresentation if they claim the issue is not floorless. The fact that there is a $6 floor until 5/14 means nothing-- the CVUS floorless had exactly the same type of feature. What the convertible deal means is that PCMS has until 5/14 to shop itself to a prospective buyer. After 5/14, look out below. Best regards, Bernard Levy