RE:Some clarification
From the global MCI report... What selling pressure? Pretty quiet on the western front. Remember conversion does not equal liquidation. CAPITAL STRUCTURE AMENDMENTS| Pivot announced board approval to move forward with a formal exchange offer for subordinated redeemable notes (that can, in part, be exchanged into common shares of the company) to holders of its Series A preferred shares. The notes will have a four-year term and bear interest at an annual interest rate of 8%, payable quarterly on the last day of each calendar quarter. The notes will be mandatorily redeemable at quarterly intervals over the four-year period. In addition, the notes may be redeemed at the option of PTG after the second anniversary at a price equal to 110% of the principal amount and after the third anniversary at a price equal to 105% of the principal amount (in each case, together with accrued but unpaid interest).