MIDL .... A Real Sleeper Message Board

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Microcap & Penny Stocks : MIDL .... A Real Sleeper

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To: campe who wrote (719)	1/26/1998 8:45:00 PM
From: Ga Bard	Read Replies (2) of 7039

GJC ... I am about to open a new thread called Arcon Energy. The MIDLP does convert automatically to 35 shares of common in Oct 1998. The class B is insider shares convertable to 150 shares of common at anytime IF the board approves. Now these particular B shares also have to be registered to sell. The warrants target is the common share price at 2.50 at which time you have 10 days to excercise the warrants or the company can recall the warrants. Common is simply common. Now the reason I did not start a new departure thread and I have not been in any hurry to make time to go to Dallas is because New Departure was not the bottomline focus for the MIDL shell. In Feb Arcon went into negotiations. MIDL at that time was into coffee. In September Steven King came on board with some deals. Now these deals did not go through because they could not prove audited financials. SO they took deal #3 New Depature which I thought was the big one coming in. Since I am not an insider I did not know of Arcon however the rumor had it there was a fourth and fifth deal still in negotiations for the control of the MIDL public shell. Well the fourth was DSC rest/casino which got sold to another shell CNHH with a float of 30K. Once the final deal of Arcon was completed New Departure will either go into another shell or go back private. Heck I do not know what will happen to it. If you do not have some business knowledge of what has been going on then I can see the frustration of what the devil is this stock doing. Basically laying the ground work for Arcon and holding the shell available because of the B, A warrants and common. With a float of 1.1 - 1.5M plus the A which to 35 to 1 you can find shells this good. So New Departure would keep this shell alive. Now the casino/rest went into CNHH and the shell had to sell 30K into the float to even make a market on it btw. Now since no one knew how long it was going to take for the Arcon deal to conclude they needed something of substain revenues to keep the shell profitable. 300M projected revenues of New Departure would have been quite satisfactory to stablize the stock til Arcon could be closed. Now that Arcon has closed it is time to start a new thread. There is a lot to this barbarian at the gates type dealings this stock has gone through. There are still some loose ends that need to be cleared up yet which Arcon is working on diligently. 1.) Lacking of corporate information to keep investment community informed. 2.) The Black eye with MIDL's pass in general. The share holders meeting will be Feb 27 at a place to be announce along with an expected name and ticker change. MIDL will not wxist after that time. THE STOCK STRUCTURE FOR ALL STOCKS AND STOCK ARRANGEMENTS WILL BE HONORED WHICH IS THE MAIN REASON ARCON CAME INTO MIDL. I hope I have cleared up some of the questions but there is so much to the staging of getting the SEC filings done, keeping the shell in revenues, and so forth and so on. Now I am not an insider and do not have all the answers but what I know I post. Very shortly the longs in this one are going to get a real surprise in my opinion. I will post the new thread shortly. All of this is just my opinion Thanks Gary

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