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Technology Stocks : IFLY - travel sales on the web pure play
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To: Roger Bodine who wrote (2685)12/2/1998 5:16:00 PM
From: Bill Brogan  Read Replies (1) of 4761
 
To John Martin and Jeff Grolig:

Thank you very much for the extremely valuable info on the warrants. I've been a holder for a long time now and have really never understood them. It is much clearer now, and if you don't mind I'd like to verify what I know with a couple of scenarios below...

1. If IFLY reaches $16-1/4 next week, then there's the possibility that the quoted price for IFLYW will be at least $10, correct?

2. Assuming the conditions in the paragraph above, can I sell my IFLYW before 31 Dec 98 without doing anything different with my brokerage (ref. the "written permission from holding company" statement made in your description of the warrants)? Or do I have to wait to do so on an immediate basis (i.e., over the Internet) until after 1 Jan 99?

3. If the company "accelerates" the expiration of the warrants because IFLY has traded at least 7 days over $10, do my holdings of IFLYW automatically convert to an equivalent number of shares of IFLY at the $6-1/4 price? So if I'm on vacation for 2 weeks and don't check stock prices (ya, like that could happen...!) and IFLY has traded for 7 out of 10 consecutive days above $10 and is holding steady at, say, $16-1/4, and the company "calls" the warrants, will my brokerage statement show that my IFLYW had been sold and converted to IFLY at the stated conversion price of $6-1/4 or at the intrinsic value price of $10 without my intervention?

Thanks much in advance...

--Bill
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