Corey Ribotsky's N.I.R. Group AJW Funds Downward Spiral Convertible Notes

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September 10, 2007
EXCERPTS FROM PREVIOUS POST...
“The amount of companies looking for PIPE financing or PIPE-like financing has increased somewhat as other secondary and follow-on offerings have been stalled on Wall Street,” said Corey Ribotsky of NIR Group, an investor in PIPEs.

Mr. Ribotsky of NIR Group said his firm looks at 1,200 to 1,500 companies seeking PIPE financing each year. NIR did about 50 transactions in 2006 and 68 already this year.

But pricing terms have also tightened. “The pricing on some deals has definitely changed, and underwriting standards of certain investors have sharpened,” Mr. Ribotsky said, adding that his firm’s investments have been fine but that “some deals have been impacted” at competitors, although he declined to comment further.