Bill Wexler's Dog Pound Message Board

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Non-Tech : Bill Wexler's Dog Pound

REFR 1.560

-2.5%

Nov 7 9:30 AM EST

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To: chester lee who wrote (925)	5/1/1999 8:41:00 PM
From: incomep	Read Replies (1) of 10293

Dear CL: thanks for the explanation. It is pretty hard to understand the mathematical model on Black Scholes. For the 2nd question, I think the key word is "or". You do not necessarily exercise option and warrant at same time. [Under the terms of the certificate of designations of the preferred stock and the warrants, the preferred stock investor may not convert the preferred stock "OR" exercise the warrants if after doing so the investor will own more than 4.9% of the Company's common stock ]

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