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Biotech / Medical : PLC Systems

PLC 30.13

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Dec 14 4:00 PM EST

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To: Richard James who wrote (811)	4/29/1998 11:15:00 PM
From: John F. Dowd	Read Replies (1) of 1202

Dear Richard: The debt of convert being liquidated creates a greater net worth. Since it was done by conversion then the net worth to be divided by the outsatnding shares has more divisors than it used to have. Therefore the price at which you bought the shares determines whether this addition to equity by conversion was a good deal or bad deal for you as a shareholder. Of course we now have $10,000,000 in new convert. debt and we only have a small idea of how dilutive this paper is. Forget the old balance sheets they are history. The key is the recent SB deal. JFD

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