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  • peristentone peristentone Oct 2, 2011 8:34 PM Flag

    Estimate of Cash flow and Debt

    Preferred A conversion to Common has nothing to do with triggering a covenant failure. The Preferred shares are not part of equity and aren't written into the covenant ratio tests at all.

    I warned everyone here when the Preferred A was trading at $16 and heading higher that they were worth $2 based on the conversion language in the prospectus. So people had a chance to sell before this collapse.

    Of course we need to watch the revenue and free cash flow numbers and how quickly they decline.


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