The shares are convertible into common stock and may be exchanged for debentures at the option of the company.
Each remaining share will be exchanged for subordinated debentures with a market value of $25.
The market was most frenzied in its first 90 minutes of trading, when 100 million shares were exchanged, and the Dow rose 44 points.
Qual Med shares will be exchanged on a 1-for-1 basis.
Once those shares are exchanged for 24 million Proffitt's shares, how long will it be before they hit the market?
As the current agreement is structured, 0.465 share of Time common stock would be exchanged for each Warner share.
The current shares outstanding would automatically be exchanged for an equal amount in the new company.
Each remaining share of Southland preferred would be exchanged for $90.27 in cash.
CareInsite's other shares will each be exchanged for 1.3 shares.
Two years later, the shares were exchanged for Texas Air stock then worth $1.5 million.
