You may want to dig a little deeper with your plastic spade, convertibles are used like options. Don't discount any form of capital raising for specs as a means to write a company if a specs gets buyers of their convertibles its not a negative. And your wrong again with the order which companies issue capital. The worst form of capital raising is an ongoing deep discounted equity issue....if you don't know what that is - google it
ICI vs PLY, page-40
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