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Gold/Mining/Energy : Harken Energy Corporation (HEC)
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To: Zeev Hed who wrote (4396)5/30/1999 1:18:00 PM
From: SDR-SI  Read Replies (1) of 5504
 
Zeev,

I am not certain as to whether or not this disposes of all of the floorless or semi-floorless convertibles, other than the last one ($85MM, 5% European Convertible Notes). I was hoping to have time this weekend to go back and check/compare against the other key filings before being able to satisfy myself that all of the other financings had been disposed of. I do believe, however, that this latest S-3 does register the last of the shares issued in April and May of this year, resulting from conversions to dispose of NPI's resulting from the three "Development Finance Agreements".

I also think, if my memory serves me correctly without going back to the files, that the $85MM, 5% European Financing was the one in which the "floorless" provisions could only be activated at the option of HEC and not at the option of the holders. If it turns out that that one is the only one that still remains, at least its toxicity is not quite as dangerous as the others. I believe that key conversion and option dates in that financing were 2002 and 2003 and that Harken's ability to force conversion became effective some time in 1999.

If I get time, I'll go through the S-3's, 10-K and prior filings and take a shot at trying to understand exactly where each financing now stands and report the results of same for further discussion and for comments by others who may have a better understanding of exactly where things stand.

Have a great holiday.

Steve
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