Wednesday, March 30, 2005 5:22:50 PM
"A floorless convertible bond (a vehicle of what is sometimes called the "convertible death spiral") is a debt instrument issued by desperate or dishonest companies to raise cash.."
"It's not a deal a responsible company should enter into."
"When a company does a floorless convertible, its stock, not surprisingly, drops."
"...this is a legal strategy -- although it is hard to see why such floorless converts, devastating for existing shareholders, are in fact legal."
http://www.fool.com/news/commentary/2005/commentary05033008.htm
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