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I told you Zazove had it right.
He just converted 10% worth of Pier 1 stock on Friday. That is 10.177 Million more shares. Last time I checked he had a bought a total of 18% of the newly issued notes. As of Fridays close, that would be a cool 16.9 Million dollar profit. I have to go figure out what this is going to cost PIR, since I think they are required to pay 2.5 yrs worth of the 9% interest on all stock that converts during the optional period. Rating :
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