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Technology Stocks : General Magic
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To: hcirteg who wrote (9119)10/9/2000 10:52:37 AM
From: Seconds Out  Read Replies (1) of 10081
 
The Series H financing done this Spring had a clause which gave the Preferreds 186 days to completely convert their Series D and F shares. That time frame expires within the next two days, depending on how you interpret the start date. Another part of the 8K mentioned the right for the Preferreds to halt additional conversions if the stock price fell below $4, which it did this summer.

A question exists as to whether the language voids the requirement to be out by the 186 days since the stock fell below $4, or wether it just halted activity during that time frame, however the last few weeks have seemed familiar in pattern to past periods of Preferreds activity. GMGC will not comment on the current deadline status, as it is too close to the date. They have stated that the Preferreds will be out by the end of the year. That would include Series H. Btw, the new SEC disclosure regulations will cause companies to be even more tight lipped than in the past.

The Nasdaq plunge, some margin calls, and the Preferred activity(imho) are providing another opportunity to get in at great pricing. Fwiw, I have been focusing on Feb and May 5's. It allows the powder to last longer, and the expiration dates are after the Preferreds are supposed to be totally out as well as OnStar starting.

Seconds Out.
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