Stephen Drew

Haven't We Heard this Market Song Before?

Good morning, everyone,
Sorry for the last paragraph - you're right that it could have been clearer. The original converts that were offered last week at twelve (percent...coupon to the bondholders?) didn't sell. Bet they would have in a different mortgage market than this one that's being driven by fear rather than rationality. In fact, I'll bet that eights would have sold in normal times.

As for the dilution math? What was the math on the BSC deal that priced the stock at $2.00? It was pretty simple, wasn't it? Today BSC is trading at (over) $10.00. How useful was the original math there?

I admit that TMA may still be worth a dollar six months from now. Let's watch and see, though.