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Strategies & Market Trends : Floorless Preferred Stock/Debenture
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To: Dug who wrote (384)4/26/1999 10:18:00 PM
From: Zeev Hed  Read Replies (2) of 1438
 
Dug, initial review of the 8K revealed the following and it does not look good:

"The Company acknowledges that its obligation to issue Conversion
Shares upon conversion of the Convertible Securities and the Warrant Shares upon
exercise of the Warrants is binding upon it and enforceable regardless of the
dilution that such issuance may have on the ownership interests of other
stockholders."

It usually means that the investors want no problems if massive dilution occur by getting management to admit they understand that massive dilution is possible.

If you own this stock, you'd better comb that 8K with a fine comb, it is too long for me to go through, but there are enough warning signs and conditions to worry about.

Zeev

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