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Gold/Mining/Energy : CMYN -- Ignore unavailable to you. Want to Upgrade?

To: Doug Willmarth who wrote (435)	3/24/1998 9:15:00 PM
From: Piotr Koziol	Respond to of 811

Doug, you might want to check the very active CMYN thread on Yahoo: messages.yahoo.com /Piotr

To: Doug Willmarth who wrote (435)	3/24/1998 9:41:00 PM
From: steve kennedy	Respond to of 811

This is how I see the CMYN debacle, it is NOT a pretty picture CMYN preferreds are converting their shares trying to force the price lower -- what they want from the company is assets because CMYN has valuable assets which CMYN doesn't want to give up -- what you see now is the preferreds threatening CMYN with infinite dilution to get these assets At a special meeting with the preferreds, which I believe is March 31st, CMYN will try to get the preferreds to agree to a different arrangement whereby the preferreds get a fixed conversion price of 20cents per converted common share OR 25dollars cash for each preferred share if CMYN doesn't do a stock conversion within a specified period of time after requested From now till Mar 31st the preferreds can continue to convert under the old terms, thereby further diluting the shares IMO, It also may be possible that the preferreds(or someone else connected to them) may have heavily shorted CMYN BEFORE they tried to drive the price down -- maybe this is the shorting that CMYN is investigating!! I think that CMYN is a good company with REAL assets BUT they made a bad deal with the preferred share holders which is what Salomon Smith Barney is trying to straighten out IF they can IMO, IF the preferreds illegally shorted CMYN then CMYN may be able to use this as leverage to force the preferreds to accept the new conversion agreement -- but I am not sure if that is even legal to do read the SEC statements and company news releases and then read between the lines a bit to get an idea what they're NOT saying