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Gold/Mining/Energy : Range Resources (RRC)

RRC 36.34

+0.6%

Jan 23 9:30 AM EST

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To: David Lee Smith who wrote (62)	5/4/2000 8:40:00 PM
From: Bob Rudd	Read Replies (1) of 82

David , In the K under the heading "Current common shareholders will be diluted as more common shares are issued." they discuss restructuring to swap equity for debt and thus substantially diluting current shareholders. Since they nearly trippled shares outstanding in the 3 years ending 12/31/1998, I take them seriously on this. Could aggrevate the supply situation on top of First Reserve's liquidation. Also saw they had apparently issued some convertible perferreds. I haven't looked hard at the terms, but some convertible preferreds can dilute exhisting shareholders by allowing holders to convert at significant discount to market. Are you familiar with terms of the converts? Looked like they had several S-3's in 1998 some perhaps all relating to issue of converts.

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