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Gold/Mining/Energy : American International Petroleum Corp

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To: MARIO PASQUA who wrote (4802)	11/11/1997 7:49:00 PM
From: CMon	Read Replies (2) of 11888

Mario: Response to your #4802: This from the recently filed 10Q (page 9) regarding the recent financing: "After six months, the notes may be converted at the lesser of (i) $6.25/share (ii) 85% of the Market price at conversion and (iii) the daily weighted-average sales price reported for the lowest five consecutive trading days during the 40 day period following the call date." What does this mean? That those who argue that this note is evidence that the "smart money", be it the Hunt's, Hunt Oil, or whomever, expect this stock to be above $8 either don't understand the financing or are hyping the stock. There is no way that the purchaser of this note loses except in a case where there is no market for AIPN shares when he converts. Granted, the deal came with warrants, and the lender would rather see the stock run to the moon. But they are winners no matter where the stock is six months from now. The "smart money" has taken a no lose position.

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