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To: Brian who wrote (67775)	6/7/2000 9:45:00 AM
From: Telemarker	Read Replies (2) \| Respond to of 95453

WRT TXLI: From the latest 10Q: NOTE 3 -- PREFERRED STOCK In November 1999, the Company closed a private placement of 2,750,000 shares of Series A Convertible Preferred Stock ("Series A Preferred Stock") at a price of $8.00 per share. The Series A Preferred Stock is convertible into Common Stock on a two-for-one share basis at any time at the Investor's option. Alternatively, the Series A Preferred Stock is mandatorily convertible into Class B Common Stock on a two-for-one share basis, after December 31, 2002, if the Company achieves certain net asset and per share values. Common Stock and Class B Common Stock are identical in all rights, except that Class B Common stockholders have the right to elect certain directors. The net proceeds from the sale of the Series A Preferred Stock was used to redeem $10.0 million of convertible subordinated notes and reduce bank indebtedness. _____________ At present, there are 6.658MM shares outstanding so this is significant, IMO. Regards,