No hedge fund of standing would convert debt to equity in one of its positions until that company shows cash-flow positive on at least 2 quarters. Why change a senior credit position for a subordinate equity position when the investment is still trailing in its financial performance. For love or money the hedge fund isn't that stupid or that benevolent or it would be a venture capital fund not a hedge fund.
I am back. So is SGH, page-1584
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