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Microcap & Penny Stocks : Greenland Corp. (GLCP) -- Ignore unavailable to you. Want to Upgrade?

To: RCJIII who wrote (890)	5/4/1998 10:51:00 AM
From: Tim Luke	Read Replies (1) \| Respond to of 2278

I think I posted over 100 times trying to calm any fears this weekend. Long and Happy!

To: RCJIII who wrote (890)	5/4/1998 10:53:00 AM
From: Tim Luke	Respond to of 2278

<any comments?> Yes, This is by far the best post I have read! Thanks

To: RCJIII who wrote (890)	5/4/1998 11:45:00 AM
From: ajs	Read Replies (1) \| Respond to of 2278

After doing some DD, I found out that # of shares outstanding at the end of Sept 96 was about 16 million, and about 23 million around Nov 15, 1997. Since Nov 97 GLCP has issued 6.9 million shares for the insiders and either 3 million or 7 million shares through Reg S (sold to foreign investors). 4 million of Reg S (which was really done in April 97) can be sold if the bid is higher than $.186 or 62% of the closing bid price of the common stock averaged over the five days prior to conversion. It is not clear if this 4 million was included in 23 million above or not. The following is from 10Q filed last November: <On April 9, 1997, the Company sold $600,000 in aggregate principal amount of 10% Convertible Debentures due April 30, 1999 under Regulation S. Sales commissions of 15% were paid. The company placed 4,000,000 shares of restricted stock in escrow as security. Under the original terms of their issuance, the Series B Convertible Debentures are convertible into common stock at the lower of $.186 per share or 62% of the closing bid price of the common stock averaged over the five days prior to conversion. The issuance and sale of the Series B Convertible Debentures was intended to comply with Regulation S of the Securities Act.> Based on these information, one should inquire from the company to see if the Reg S stock is coming back and has been dumped over past few sessions or not. The second issue is to find out why LCAP (La Jolla Capital) is still trading this stock. Any substantive info is appreciated. ajs