MIDL .... A Real Sleeper Message Board

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Microcap & Penny Stocks : MIDL .... A Real Sleeper

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To: Dusty who wrote (3994)	8/18/1998 9:30:00 PM
From: out_of_the_loop	Read Replies (3) of 7039

RE: "Anytime preferred stock is offered it is preferable to common as it carries with it certain security. Should the company fall on hard times and there is anything to be had after the debt is settled it goes to the preferred shareholder. Therefore, it is vital we stop the conversion of the preferred stock. Frankly, I would in the future question any company that expressed the intent to convert the preferred stock to common. Shareholders purchase at a premium the "P" stock and chose to do so for specific reasons" ------------------- The reason to stop the P conversion is everything Jeff explained, but the most important thing is to preserve the structure of the stock. This relation of a potential "P" to "C" conversion at a specified date is what makes this stock attractive as a shell for reverse merger. The fact that there is nothing in the shell at this point and a P conversion date that is fast-approaching is also what now makes this stock nearly worthless at this time (just my opinion) UNLESS a new date is specified. It will be a shell without any special qualities and an undignified past. When that new date is specified, then the stock structure will once again remain for a time preserved so that MIDL could be attractive to a company that wants a NAZ listing without "the usual hassles". A company that wants the listing will overlook the past in order to get into the stock structure. Without the structure, it will be a permanent field day for the shorts (IMO). "Hope this helps."

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