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Strategies & Market Trends : Joe Copia's daytrades/investments and thoughts -- Ignore unavailable to you. Want to Upgrade?

To: RCJIII who wrote (18796)	8/6/1999 3:27:00 PM
From: wbASSETt	Read Replies (1) \| Respond to of 25711

MIGR DD .. from Raging Bull ... wbASSETt By: bargainhunter Reply To: None Thursday, 5 Aug 1999 at 11:40 PM EDT Post # of 99 The paragraph below was copied from sec report filed yesterday on freeedgar.com. (in order to survive their debt, they are diluting our shareholder equity!) WE ARE HEAVILY INDEBTED AND WE ARE IN DEFAULT ON CERTAIN DEBT OBLIGATIONS MigraTEC'S operations have been financed in part from short-term and long-term indebtedness provided by shareholders and others. We were obligated to repay our senior secured promissory notes in the principal amount of $1,112,500 on July 1, 1999. We are currently in default under these notes and in negotiations with the note holders. Nine of the senior secured note holders comprising $237,500 in principal amount of the notes have waived the default provisions of the notes and have agreed to extend the due date of the notes until July 1, 2000, and the exercise price of the warrants to purchase an aggregate of 678,576 shares of our common stock will be reduced from $0.50 to $0.35. Twenty-one holders of the remaining $875,000 in principal amount of the notes have not accepted our offer, and we are still in negotiations with these note holders. In the absence of sufficient financing, we may be materially adversely affected by the requirement to repay the notes since we may not have use of such funds to either sustain or to continue the development of our operations. If we are unable to meet scheduled or unscheduled payments on the notes, or restructure the terms of the notes, or remain in default of any of the notes, our business would be materially adversely effected.