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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper
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To: Ga Bard who wrote (812)5/26/1998 6:28:00 PM
From: Crossy  Read Replies (3) of 4142
 
Dear Gary,
on the trilogy, MIDL, MIDLP and MIDLW, since there are so many opinions being posted all over this thread, often contradictory, I would like to ask You this:

First I perceive the Warrants MIDLW and the Preferred MIDLP as undervalued, if You compare their inherent AMSC for the common with the current common's quote:

MIDL: $1.43
MIDLP: $26.5 -> amsc MIDL equiv: $0.50 -> 65% undervalued (with the 50% dividend factored in)
MIDLW: $0.56 -> amsc MIDL equiv: $1.06 -> 25% undervalued

OK, that being the intro, now my questions:
1) MIDLW : do You know when precicely when the reduction in exercise price to $0.50 will take effect, when the conversion period will start and whether the old $2.50 ceiling was wiped out, replaced or made mandatory ?

2) MIDLP : question here is the settlement period. If one bought MIDLP say tomorrow or Thursday. Does he qualify for the dividend ? What can such a person do to qualify ?

Apart from that I'm glad to hear that Mr. Norman's reservations were straightened out either <g> - I never doubted that but bought more "P". IF this goes on and the Warrant will narrow first to its AMSC - since the conversion period should be active right now or soon be, I will convert my MIDLW to MIDLP.. Called my broker - he told me he never saw that kind of disparity in valuations. He traces it back to fewer Market makers in the Preferred and uncertainty regarding stock dividend and conversion..

regards
CROSSY
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