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Microcap & Penny Stocks : General Stores - GSIC
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To: Steven Finkel who wrote (716)4/15/1999 7:54:00 PM
From: Spiral600  Read Replies (2) of 972
 
Hmm.. I'm not really worried about those shares that will convert come May.

This has been a known fact for years now. It will equate to ~18 million common shares not 500million, (i.e. there are (I think) about 1.8 million perferred shares, which are equal to 18 million common priced at 10 cents each). Now maybe there are some more restricted/preferred shares owned by insiders, but those shares are not available to be sold this year and I think all the restricted insider shares aren't preferred minus the stated 1.8 million preferred(that's what I was told atleast).

That means the total oustanding will be about 47 million shares for a market cap of about 5.6 million bucks (not outrageous at all, if you ask me) come mid may.. There is NO WAY we see total outstanding over 45-47 million shares by years end unless GSIC gets another round of 504 financing this year.

I STILL would really like to know what went on at the last PR. I'm still having troubling believing that that was all 504 related (maybe a combo of day traders, MM's and 504 shares being sold). I'm not sure if I can even believe the combo theory. I'd be curious to know if the preferred shares have been converted already, as of 4 weeks ago, the answer was 'No' (atleast thats what I was told).

Anyhow I am STILL holding, after all this.. heh I'm probably stupid; but, I'm still CONFIDENT I'll make out on this trade.

I like the action this week! Although I am not getting my hopes up too high. I'm hoping that some of the DT'ers will stay away from this one.. A nice steady rise would be nice to see..

Bob P
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