Wave Systems Corp. (fka WAVXQ)

[SPIN]

Tony

i think you can reach two different conclusions w/that.

for a minimum of fifteen (15) business days during any twenty (20) consecutive business day period.

the warrants don't go effective until Oct '04, but depending on what the correct interpretation is, the price-trigger may take effect now.

i realize Wave can't call the warrants until then, but the share price trigger is ostensibly on the table now. i'd like to hear 24601's take on this b/c your interpretation could be correct b/c of the "commencing on" language, but the term "any twenty (20) consecutive..." suggests that the price trigger is in play right now.

Wave just wouldn't be able to call the warrants until next year, but it'd be money in the bank, so to speak...

Sully?

SPIN