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: Jay Lowe who wrote (3244)	6/12/1998 1:59:00 AM
From: Ga Bard	Read Replies (1) of 4142

OK here is the problem ... take your pick ... 1.) The news release stated simply a dividend was going to be given on the SOR (Shareholder Of Record) close of May 29, 1998 ... Now the dividend was going to have a conversion date of Oct 1999. Now that means the company would have had to set up a new market to trade the dividend. Well because the dividend was a conversion that could be done which means the date of dividend conversion could not be issued. The company apparent decided for tax reason and so forth to make it a split but I still get the shares only the shares carried no tax burden. Now on the evening after the close on May 29, 1998 another news release was made stating that the dividend was being implemented as a split. Now I do not know if this clears the company or what and personally since I am a long investor all I know is I will get 1 share for every 2 shares I had in my account on May 29,1998 at the close of the business day. Also I know because it is a split I do not owe a tax burden on the shares I will get and they are immediately free trading. End of story and there is not anymore to this particular scenario =================================================== 2.) Now the SOR is still May 29, 1998 however than because it was announced after the close of the business day on May 29, 1998 I realize that I have another possible scenario. Since it is a split I felt that until xdate was announced that I could continue to buy on the possible anticipation that we may get the shares on any accumulation up until the xdate. No one to date has clearly defined that we will but speculation is that since it change on the SOR to a split we are under a seperate set of NASDAQ rules which NASDAQ has not determined yet. They can't determine the xdate till Midland gets the new CUSIP. ================================================== Now Midland is still submitting the SOR as of business close of May 29, 1998 and that is the ones that are definitely going to get the shares. Now if NASDAQ after reviewing the paperwork does it like a split thenm those accumulating will be happier than a pig in mud and those that sold on Monday June 1,1998 thinking they would get shares are going to be madder than heck. I personally hate it for anyone that sold their shares because they are not investor but traders and they sold what they did not have yet plus they tanked it Monday selling ... welcome to day traders... ================================================ Now one possible answer is that everyone that held stock on May 29, 1998 gets the shares based on their account at the close then give the shares on the xdate and go back and subtract what you had on May 29, 1998 for already being paid unless the amount ojn May 29,1998 was higher. ================================================== Bottomline is NASDAQ will make the decision. I suppose some traders are really going to be upset. I can win a bet on this that they are going to be screaming. Now the company, NASDAQ, SEC will get it all straighten out so I am not worried. I am hoping for the xdate and all I hold to get the shares but I will except the fact that if all I get is what I had on May 29,1998 is it because I am a long term investor. One reason I have almost twice the shares now as I did on the May 29, 1998 close of the business day. This is going to get interesting and I am learning a lot. BUT I believe that since the company declare it being implemented as a split changed the ball game. SO I do not have a clue. Hopefully investors will win and trader loose. Hey I could be wrong but will except what I am given regardless. GB PS I will buy more after the split if the price drops.

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