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Pastimes : son of T/FIF

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To: schadenfreude who wrote (109)	8/26/1999 11:47:00 PM
From: John Metcalf	Read Replies (2) of 673

I looked at the 10-K briefly at lunch, and have much the same read as Otaku and DAK, with modestly different numbers. Titan can buy the warrants back for a nickel if the average closing share price is over $9.10 for a month. The warrant holder would convert, buying stock for $6.20, and netting the company about $45mm. The warrant converter would then hold appreciated stock (after adding the warrant purchase price to his/her basis) in a better financed company, with about 20mm shares outstanding. (Otaku counted options too; I counted warrants only). DISCLAIMER: I'm not sure I have all the relevant facts. Was there some mention of warrant re-pricing in the last year or so?

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