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#	AUTHOR DATE SUBJECT
5	member 6/02/02 2:58AM Preferred vs common
John, Your points are obviously right and fair. I disagree that preferred holders have as much leverage to capture all the upside and that common gets nothing. On paper and legally this is the... login to read the rest view available tags
4	member 5/28/02 10:47AM Preferred & Valuation
"Preferred is very far out of the money as you point out and they have no teeth to capture or force redemption. Only alternative is to convert at the current strike price or wait."... login to read the rest view available tags
3	member 5/28/02 9:38AM Preferred again
Good top down analysis...but I believe you miss something on the next to last rung on the cap-structure....that preferred as mentioned. The pfd will not convert in any meaningfully appreciated equity...not until over $8. If... login to read the rest view available tags
2	member 5/27/02 11:38PM Preferred Reply
It is possible that Preferred would get all the value that remains. However, there are a few counter arguments. Management recently restructure incentive program and employees traded out of money options for restricted... login to read the rest view available tags
1	member 5/27/02 10:32PM Preferred
" Assuming that the value of the hotels is equivalent to their book values (cost net of depreciation plus cap ex), the company owns a portfolio of hotels and resorts worth around $4.5B today ...... login to read the rest view available tags