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Microcap & Penny Stocks : TPII - Year 2000 (Y2K); Groupware; Client Server Migration
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To: Dave Gore who wrote (7808)6/26/1998 7:15:00 PM
From: Alan Coccio  Read Replies (3) of 10903
 
Dave, let me first make a comment about your explanation of warrants:

I hope everybody realizes that you don't exercise warrants to SELL them right away. In fact you exercise warrants if you like the prospects and are HOLDING LONG.

To the contrary, when you can exercise a warrant at $1.00 such as Pinetree can and immediately sell the shares for around $1.25, you do it. Normally, you would exercise warrants during the period of a price runup and convert them as quickly as possible to lock in profit. The 500,000 warrants available to Mayfair also have an exercise price of $1.00 and can be converted immediately for about a 25% profit. Those expire July 8th. The unknown factor is whether all these warrants have already been exercised and the shares sold which would put the situation behind us.

If you wanted to sell, you normally just sell the warrants without exercising.

Not in these cases. They are not buying warrants in an open market. These are a special situation series of warrants and do not change in price. They can purchase them at any time during the specified period for $1.00 and to get rid of them they must exercise them. There is no one to sell them to. They must convert for common shares and then sell the shares in the open market.

How could you possibly know who was selling and how much? Please explain.

Very simple. Sherwood Securities was at the inside offer (best ask price) during the period it was stuck at 1.218. This is shown on the Level II screen and the number of shares he sold is indicated on the Time/Sales screen.

Alan
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