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Features/Toxic Bonds Headed For A Fall ; Companies issued special zero-coupon bonds, assuming th= ey'd never have to pay them off. Now shareholders could be on the hook for = a $65 billion tab. Janice Revell 11/26/2001 Fortune Magazine Time Inc. 131 (Copyright 2001) It was an irresistible proposition: Borrow billions of dollars, pay no inte= rest, reap millions in tax breaks, and then wait for the debt to simply dis= appear. That was the promise of zero-coupon convertible bonds, and companie= s from Enron to Merrill Lynch binged on what seemed like free money.=20 But, of course, there was a catch: For this scenario to play out, a company= 's stock price had to rise sharply--and quickly. That's because investors b=
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