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Biotech / Medical : PARANOID! TIRED OF TALKING TO YOURSELF? LET'S TALK(TTP) -- Ignore unavailable to you. Want to Upgrade?

To: LLCF who wrote (493)	9/28/1999 1:34:00 PM
From: Scott H. Davis	Read Replies (1) \| Respond to of 626

A point is being missed. The warrents are accounted for already onder the "Fully Diluted" portion of a report (as opposed to the old "Basic" shares outstanding) So I don't believe forcing results in more dilution. I think this was the case at least after they filed to change the registration of the warrents to say they would be unrestricted, which prompted the selloff - people were reacting to the dilution that would appear next release. IMSCO Scott

To: LLCF who wrote (493)	9/28/1999 1:40:00 PM
From: RCMac	Respond to of 626

>> wonder if they now have the right to exercise when ever they want, or if a move down in the stock would then preclude them from doing so once the 30 prior days average bid was no longer above $9.10?? << DAK, as I read it, the notice-within-15-days provision means that the company would have the right to call for redemption only for 15 days after the average fell below $9.10, and not after. I entirely agree that TTP's management would be daft not to compel exercise while they can -- probably the moving average stays above $9.10 from here, but in a serious market downtrend, or hint of bad news (either of which would also dry up alternative funding sources), they could lose the right to get that $45 million into the company. Basic caution says they should do it. --RCM