Art, I have a few questions about your pref. buy-back post.
I expanded your post below, it should be self explanatory:
on or before # shrs $-value Cumulative Remaining
Jan 29, 1998 10,000 $250,000 $250,000 $16,625,000
Feb 27, 1998 20,000 $500,000 $750,000 $16,125,000
Mar 31, 1998 40,000 $1,000,000 $1,750,000 $15,125,000
Apr 16, 1998 55,000 $1,375,000 $3,125,000 $13,750,000
Apr 30, 1998 70,000 $1,750,000 $4,875,000 $12,000,000
May 15, 1998 90,000 $2,250,000 $7,125,000 $9,750,000
May 29, 1998 110,000 $2,750,000 $9,875,000 $7,000,000
Jun 15, 1998 130,000 $3,250,000 $13,125,000 $3,750,000
Jun 30, 1998 150,000 $3,750,000 $16,875,000 $0
Each preferred equals $25.
Upto April 16, now, ACTV should have paid back $3,125,000 and still owe $13,750,000.
Questions:
(1) If the stock does go up what options do the pref's have on breaking this agreement?
(2) If the pref's are locked into this deal, wouldn't it be better, or not even matter, for ACTV if the stock price did go up?
(3) Do you know if ACTV is on time with the scheduled payments?
(4) How are they going to pay out the $13,750,000 balance in 2-1/2 months? Where is the money coming from?
(5) Is this the reason they did not announce the eschool contracts?
Excuse me ahead of time if some of these questions seem naive, but I would appreciate it if you could answer them, if you can. |
