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Microcap & Penny Stocks : IELSF-Flight to Fortune Or?
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To: Zeev Hed who wrote (307)7/25/1998 1:23:00 PM
From: hcm1943  Read Replies (2) of 520
 
spoke to Mike Irwin (he bot 67000 shr @3 1/4 a few months ago) and was told, The pref shares are part of the financing done in Dec and this leg was to be done after the rev flight. As for the putable shares they can be put at IELs discretion at a 12% discount to mkt using a 5day window without any fee. It is almost a line of credit converting to equity. IMO this is a very good deal for IEL as any other type of financing would cost upfront fees probably near 10%. and would have to be done at one time. I want to check the 5 day window as I heard that from someone else who spoke with Mike. BTW Mike is an officer of IEL.
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