From the latest 10Q filing regarding remaining Preferred shares.
<<As of September 30, 2000, no shares of Series A, Series B, Series C, or
Series E preferred stock were outstanding. As of September 30, 2000, 186 shares
of Series D preferred stock were outstanding, 428 shares of Series F preferred
stock were outstanding, 1,500 shares of Series G preferred stock were
outstanding, and 580 shares of Series H Preferred Stock were outstanding>>
That translates into the sharks having 1,860,000 4,280,000 and 580,000 shares respectively to convert as of 9-30-00.
Hcirteg tells me that he believes the Preferreds are not bound to convert the balance of their shares this year. Upon reading the 8K from 3-31-00, I tend to agree. This is due to a provision that waives that obligation if the stock price falls below $4. It has.
I was beginning to worry that the next six weeks would be difficult due to the deadline. I believe the new time frame is over 18 months from now. Though I would love to have them out, it looks like they want to come along for the
ride. This should be factored in to one's strategy, imho.
Seconds Out. |
