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Gold/Mining/Energy : mxp (mesa Inc)
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To: Linda Kaplan who wrote (219)3/29/1997 6:17:00 PM
From: Frederick Smart   of 394
 
Linda:

As a Mesa shareholder you had the opportunity last summer to either sell your "rights" to buy the 8% Convertible Series A shares at $2.26 per share (now worth $7.75 per share) or you could sell your rights on the open market and would have received from $1.00 to $2.25+ per share while the rights were trading. If you did not take either of those actions, you lost big. Unexercised rights went worthless the day before the convertible preferred Series A began trading. If you have a broker, he/she has an obligation to call you and get this information to you. Based on what I heard last year, I can say that there were thousands of ma/pa shareholders who have been carrying Mesa Inc. for years who had no idea nor the slightest interest into what happened last summer. Many shareholders called Mesa requesting that the "right" period be extended and they got their wish - another 2-3 weeks or so. Despite this, many others still paid no heed. This is unfortunate, but you weren't the only one. I would check with your broker as there have been cases in the past where brokers take down "rights" that are in street name for their own benefit. This is totally illegal, but you might as well check to see where you stand. You might call the NASD or SEC to inquire on your own.

As for Mesa, we have an incredible turnaround on our hands and would recommend you see the rest of your position through to higher prices. Good luck!
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