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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy)
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To: Nathan Hansen who wrote (978)9/8/1999 8:51:00 PM
From: John Gorham  Read Replies (1) of 1208
 
Hello Nathan:

You write of converting the debentures at today's approximate market value, but my understanding is that if any conversion is done it will be at the option of the holder and at the conversion price of $1.60 per share--i.e. 625 shares per $1,000 debenture. There were $7,000,000 of debentures issued, which would convert into 4,375,000 shares having a market value today of about $700,000.

It seems to me that if they are selling at 10 cents on the dollar they are a much better bet than shares at 15 cents. The value of the shares lies in the possibility of the company prospering and paying the debenture holders their interest and, what is even better, $1 for every 10 cents invested when they mature. If the debenture holders fail to get that, it seems to me that there would be nothing left for the shareholders when the debentures mature in December 2000.

John
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