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Non-Tech : Ashton Technology (ASTN) -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (2373)	8/19/1999 8:05:00 PM
From: mst2000	Read Replies (2) \| Respond to of 4443

Zeev - Not yet - none of the information I've seen on the Web explains the conversion precisely - but I will e-mail ATG tomorrow to see if they can clarify - I agree with your analysis - if the "adjustments" to the conversion and the redemption provisions are not a big deal, then the PP actually looks extremely positive to the company (because acceleration of eMC is huge to the bottom line over a 12-24 month period and 2 million shares is not that earth shattering). On the other hand, if there is substantial dilutive adjustments, then the dilutive aspects of the PP conversion could, over time, become more acute if the company does poorly. However - if launch of VTS within less than 2 weeks (as noted in the Sungard press release and, of course, in ATG's July press release) is a fait accompli, as I believe it is, then any negative price volatility seems less likely to me, which in turn makes it less likely that the adjustment provisions of a PP stock conversion would ever come into play. In any event, I'll let you know what I find out from the company. Do you know anything about Sungard that would might shed light on (or, perhaps more aptly, place into the spotlight) Auric's disparaging remarks? I see that as 1 of many intermediary-type participants that will add liquidity to VTS once it phases in - he obviously takes a different view. Your insight is always appreciated. Thanks. MST