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

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To: Ga Bard who wrote (2117)	6/1/1998 5:10:00 PM
From: Triffin	Read Replies (1) of 4142

RE: MIDLP In reading all the posts today between Gary / Crossy / Dave Gore etc. I'd like to re-iterate a few points. 1) Until MIDLP trades "XD" buyers will be credited with the split by their clearing firm..You will know when this event occurs because you will have the split shares credited to your account the pre-opening on the "XD" date. 2) If issuing 50% more MIDLP shares would have exceeded the authorization then existing shareholders (us) would had to have "VOTED" and "APPROVED" an increase in the number of authorized shares to accomplish this split...BEFORE THE FACT.. NOT AFTER... 3) MIDLP "AUTOMATICALLY" converts to common on a 35:1 ration come October 1998.. Assuming that the prfd A holders as a class have the right to amend the terms of the prfd A...any proposed amendment "MUST" preserve the convertibility feature as that is what gives the prfd "A"..MIDLP its value; otherwise it becomes a common derivative with the right to receive 1/10th additional share of "A" and 5 additional warrants if certain financial requirements are not acheived by this August and will trade accordingly..forget about it ever trading at 35 times the common price... Further assuming that the "A" is in strong hands ie predominantly held by individuals taking the long-term view on DF-144... it would appear to be in their interest to avoid a premature?? forced or mandatory conversion of MIDLP this October.. I feel that the best "amendment" again assuming we can change the "A" at all would be to make it "convertible at the option of the holder"....The potential dilution/arbitrage risks are overstated. Believe me any potential JV partner will not "invest" in any future issue of preferrd without an exit clause. AND exercise the dang warrants.... who the heck do you think is getting the exercise $$$$$$$$$$$$$$ OUR COMPANY.......... Jim in CT....think this is my last post.

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