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Non-Tech : Littlefield Corporation (LTFD) -- Ignore unavailable to you. Want to Upgrade?

To: Musya who wrote (5221)	12/8/1997 1:56:00 PM
From: Musya	Read Replies (1) \| Respond to of 10368

Let me change my claim about accumulation. Not that many trades at the bid in BNGO, but very many in BNGOW, so accumulation probably takes place in warrants only. Musya

To: Musya who wrote (5221)	12/9/1997 10:33:00 AM
From: Que	Read Replies (1) \| Respond to of 10368

Musya, sorry I was attending to other matters yesterday and was not following. Too bad, it looks like it was an interesting day. Something very strange is going on with BNGOW right now: the last trade was at 7/8 (a partial fill of my order as a matter of fact) but the inside bid on my quote server has not gone below 15/16. That is very irregular - so far Datek is recording my trade as having gone through (partial fill) - I wonder what the deal is. I'll be on line and give you an update if anything interesting happens. Jay, regarding Falstaff's comment on the preffered stock. I can't say I agree with him. First of all the financing was neccessary given the state of BNGO's working capital at the time. It seems to me that preffered stock with a dividend of 7% is very much prefferable to the deal that a company like BNGO would have gotten on the junk market (17% or so) The dilution is just not that significant. As to his concern about BNGO 'constantly' issuing new stock - as long as these deals continue to be accretive to earnings they are money in the bank. I would be concerned if stock-expansion deals were to be the primary means of expansion in the future - but I don't see how you can criticize the warrannt call and stock-expansion in the same breath. Without the warrant call - stock exchange and preffered stock financing would be the only other vehicles available to maintain BNGO's growth rate. And I for one, do not want to see BNGO's growth slowing down at this point. Another note on preffered stock. With most preffered stock the company is not liable to pay dividends in periods when it records a loss (say if there was a disastrous repeat of 1995) - this is of course not true of junk bonds. If BNGO were to experience such a disaster again, having used preffered stock financing rather than junk, it would be much more likely to weather the crisis without resorting to bancrupcy protection. L.L. & P.