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Gold/Mining/Energy : mxp (mesa Inc)

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To: Bagladdy who wrote (294)	4/23/1997 2:52:00 PM
From: George Mc Geary	of 394

Charles, Is this something new or are the news people just slow on the uptake? >As part of the merger agreement, Irving-based Mesa increased the conversion ratio for its preferred shares, meaning that Mr. Rainwater and other preferred holders get more shares of the new company than they would have under the orignal conversion terms.> Do we now have an increased ratio above the 7 pf for 1.25 common? I think someone just now put a pencil to paper and figured this out. Believe they are referring to the original issue terms of the pfd stock conversion of 1:1 to what is now available under the terms of the merger 7:1.25 of Pioneer. Please let me know if I am wrong.

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