Hi Deep,

I think you are overstating the case.

I cannot tell you that I think it is a good deal for the existing shareholders, but "highly unfortunate", "supersweet deal", and "big giveaway" are extreme sentiments given an estimated 5% dilution.

As for "why did management not sell this dilutive issue when the stock was $48"?

Why would they?

What would/could/should they have seen then that was obvious (then).

Keep in mind that hindsight is 20/20. Making the right decisions for a company does not consist of looking at the past and decrying any decision that was not perfect.

It consists of making the best of the current circumstances and trying to make the best deal possible at the time.

After looking at the terms again, please tell me the "supersweet" deal that the lenders get?

Would not all of the "supersweet" scenarios only result from an SSRI price north of $43.33?

That means that today's shareholders would also participate in a significant increase in share price before any "supersweet" aspect of the convertible issue kicks in.

Absent this, all the lenders are getting is 4.5% per annum on their money - hardly "supersweet"!

If you dispute this, please provide specifics.

It is not a very mature or useful discussion when one side is always saying: "that is wrong - go look it up"