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

To: Crossy who wrote (259)	2/11/1999 9:34:00 PM
From: BRAVEHEART	Respond to of 1438

Hi Crossy, Old Series converted in full as of Jan 1998. Note the short covering spike. Essentially the two current series are/have been converted since Aug 15th 1998. Approx $6 mil over 6 or 7 months time. Through mid Feb or mid March. I expect another short covering spike. Then there are Put Options which are lined up to a total of up to $15 million. I don't see the company drawing down on them immediately. Essentially one can get out before then I would think. I can't imagine they don't have a desire to unload some of their converted shares at higher prices. Time will tell. LONE WOLF