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Sword, you refer to Gordon's having "too much personal gain" by converting loan into 26.6 million shares. How much personal gain will he have if the shareholders dump the stock by the train carload? The directors would have to approve the conversion, and they would have a lot to lose. That is why I think the RCLA at this point in time is a poison pill, not a loan agreement. You imply that a "company of questionable demand" doesn't need a poison pill. I promise you that at the time of the RCLA, management had visions of greatness for TSIG. They would have felt the need to protect the company from being taken over. I think they were correct about their perception of greatness, but they need to work on their timing a bit. Sword, you have referred a couple of times to the $.15 "options". As of 12/31/98, R. Gordon had no options. Fifteen cents is the conversion rate, not the option price. There are no options and thus no need for underlying shares. The balance of the "Loan from Shareholder" is less than $350,000, so 2.3 million shares would cover this payoff. If there weren't enough authorized shares, Gordon would have to wait until the cash was available. As for your other questions, Paul Henry, 727-897-4000, phenry@tsig.com. Regards, Suzanne |
