Arcon Energy (MIDL Presently) The Ultimate Sleeper Message Board

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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper

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To: Ron Pratt who wrote (727)	5/26/1998 12:48:00 PM
From: Triffin	Read Replies (2) of 4142

PEOPLE.... until the MIDLW and MIDLP are "freely" convertible to common the price relationships will be all over the place.... Right now the warrants convert @ $1.00 hence the approximate $1.00 difference between common and warrant prices.. The warrants will shortly be convertible/exerciseable @ $0.50...at which point the price differential between warrants and common will approximate $0.50 The MIDLP will be able to convert "at the option of the holder" after OCT 1998 at a 35:1 ratio... The May 29th X-date for the 50% stock dividend on the MIDLP..is in the form of "different" security..not payment in kind.. the dividend will not be convertible to common until OCT 1999. Since no one knows where the values of any of the pieces are going to be on the future conversion dates... much price disparity/opportunity exists in the present quotes available to all......... EOM... Jim in CT...

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