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

To: StockHawk who wrote (280)	3/5/1999 3:24:00 PM
From: Fred Puppet	Respond to of 1438

ICCSA Update : Yesterday the company indicated that they want to increase the size of the already massive preferred convertible placement to $10,000,000. The conversion price has a maximum of $5 and carries as 25% discount to the average closing bid prior to conversion. The float is currently only 1.3 million shares, so the floorless will devastate the share price. Today it is back up to pre-delisting levels, making it an excellent short for those who can short OTC:BB stocks.