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Braskem S.A. Message Board

  • soscorp soscorp Jan 21, 2005 9:58 AM Flag

    Mirant Preferred

    Can anyone remind me what bond issue secures Mirant preferred stock?

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    • BB wrote:
      ""I suspect you will see this thing at 10 before you see it at 15. ""

      I expect similarly. I also expect great fluctuations in the Pq as the Kq trends slowly down to 'nicklesville'. may just put some of my 'free found fleming funds' to work!

      For the record, i understand you 'cut bait' on the mirPq the same day you went 'fisson' -- not same circumstance as the Wcom quips.

    • I'll also say that I like to try and make sure that I stay with my dicipline as to why I enter a trade. If I enter a trade for a reason and the reason becomes wrong, I get out of the trade. If I have that wrong, it is not clear what else I have wrong and do not understand. Until I can clarify stuff, I have to go to the sidelines.

    • Well, I could not leave that much at risk. If the preferred gets down a bit, I may think about it again, but frankly I could not leave that much on the table. This is different than my TWR position. In TWR, I do not have so much at risk that it would kill me if it went into the hopper. On Mir-A I went out to 8500 shares that morning. I do not care to lose 100+ grand on a conjecture.

      If things change, I still have the money to get back in. But I would rather not bet on the judge and the rest of it here. Its a matter of style. If I adopt a style that works for me in the long run, I have to keep to it with slow evolutionary changes.

      A lot depends on the april 11 valuation hearing too. Till then I would rather sit on the sidelines. I suspect you will see this thing at 10 before you see it at 15.

    • Boston bill-
      After you 'Toro' yourself out of 30", check out Dougjohns posts #45472 & 73 on the SO-Mirpq board. He's had same ID for nearly 6 years and seems to be who he says he is. He's an outsider who seems similarly situated in bonds as yourself.

      Also, keep in mind that you took the same action following the initial MIR POR as you did after the initial Wcon POR -- you 'cut bait' and ran! Could we have 'de je voux all over again'? seems a possible trading candidate as the winds and tides move.

      Disclosure: No holdings in MIR, still a MCI-aholic, but thinking about entering a program.

    • The preferred is secured by a jr. subordinated bond issue between the trust and the company. The only folks it is senior to are the shareholders. It ranks behind the senior even to the extent of unpaid interest on the seniors (because of the indentures). Go out to the SEC site and look for some S1 filings around 7/2000 from Southern Energy. Either the first or second one is about the bonds for this.

      This are strictly, and I mean strictly a call option on the value of the the company above and beyond 10.3 bn bucks up to $55 or so per bond. My take is that the company is not going to be worth that even if they recover money from SO.

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