Subject: Telegram

Telegram is in the process of issuing new debt, 9% yield, I think it was 10 year maturity. Proceeds to be used to pay off maturing debt. Article can be found in the WSJ, and it mentions some who supposedly are good at investing, are buying. Bonds will be able to be converted to shares at a discounted offer IF Telegram ever decides to go public.

Telegram is interesting with the CEO arrested and not allowed to leave France because he will not co-operate with an investigation of illegal activities occurring on Telegram.