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Microcap & Penny Stocks : HITSGALORE.COM (HITT) -- Ignore unavailable to you. Want to Upgrade?

To: Mighty_Mezz who wrote (2288)	6/19/1999 11:10:00 AM
From: broken_cookie	Respond to of 7056

...Mezz - How do you pronounce SCMI? kind of like you pronounce SCSI

To: Mighty_Mezz who wrote (2288)	6/19/1999 11:16:00 PM
From: Q.	Respond to of 7056

Form 144 for HITSGALORE COM INC filed on Jun 11 1999 5:36PM Issuers Name HITSGALORE COM INC Ticker Symbol HITS Seller LEE MULLINEAUX Address 5567 SEA FOREST DR Address NEW PT.RICH FL 34652 Phone 800 660-4292 Filing Date Jun 11 1999 Shares to be Sold 9,286 Value 55,428.00 Broker RAJA

To: Mighty_Mezz who wrote (2288)	6/19/1999 11:17:00 PM
From: Q.	Respond to of 7056

Form 144 for HITSGALORE COM INC filed on Jun 14 1999 10:02AM Issuers Name HITSGALORE COM INC Ticker Symbol HITS Seller RENEE WOODY Address 5376 ANN CT Address CROSSLANES WV 25313 Phone 800 660-4292 Filing Date Jun 14 1999 Shares to be Sold 143 Value 797.00 Broker RAJA

To: Mighty_Mezz who wrote (2288)	6/19/1999 11:58:00 PM
From: Q.	Read Replies (1) \| Respond to of 7056

Mezz, the "Nidan" convertible debentures you found in the 10k/a for the period ending 12/31/97 are interesting. They were floorless convertibles with a 50% discount. As you mentioned, SCMI was refusing to issue common shares to convert them, as of Dec. 97: The Company believes that the conversion of these debentures may constitute a violation of Michigan securities law as a result of the Company being subject to a consent order; accordingly, the Company refused to convert these debentures at maturity pending a determination of the conversion rights available to residents of the State of Michigan. The 10k for 12/31/98 tells us the rest of the story: Subsequently, the note holders and the Company determined that the offer to Michigan residents of the underlying common stock was made by the conversion feature of the debentures and that the issuance of common stock in conversion would not in- of-itself constitute an additional violation under the consent order. In 1998, the Company issued 5,242,929 shares of its common stock upon conversion of the $845,000 in principal amount of Nidan Debentures transferred to residents of the State of Michigan, according to the original conversion feature contained in the respective debenture note. The Company also issued, effective as of June 30,1998, 2,500,000 shares of its common stock and 2,000,000 common stock purchase warrants upon conversion of all remaining Nidan Debentures pursuant to a settlement agreement.