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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: Rajiv who wrote (536)	5/3/1999 10:17:00 PM
From: Zeev Hed	Read Replies (1) \| Respond to of 4443

Rajiv, thanks. That sure looks like a leaky floorless, and if the floorless bandits know (and they should know) the timing of the puts because of the cash position of the company, they could engage in hedging activities prior to the stock being put on them. Such activities could result in a partial death spiral. because the company is the one initiating the put, the flexibility of the bandits is slightly more limited relative to traditional floorless. But as long as the company is bleeding, they should be able to have free hand. The natural question is, if it is so bad, how come the stock has been so strong in the last few weeks? Is there a new development such as impending positive cash flow around the corner (obviating the need to put stock to the bandits)? Zeev