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To: jhild who wrote (2552)	5/19/1998 11:31:00 AM
From: John Chapman	Read Replies (1) \| Respond to of 7491

jhild: Got any ideas on what "under certain circumstances" (See 11th line of release dated May 18, 1998) means. I suppose that could be hard to ascertain because the "circumstances" are contained in the actual Merced agreement announced yesterday. In something earlier I remember reading something to the effect that conversion is contingent on sales or something like that. I think it meant that conversion could only be made in stages as sales met certain milestones. Memory could be off though. Do you remember seeing anyhting like this? By the way, so as to not mislead anyone as to my interest in this conversion stuff, I am personally not concerned even if it does turn out that Merced can convert all immediatey after the 45 days. 1.5m is already factored into the price. Another 1.5 is too. Now if the one to one conversion rate were to change to 5 to one or so, that would get my attention. I was in a stock that had a rate like that. It absorbed them all eventually, but the price stayed flat during that time causing us to sit on dead money then. With a start up like this, one has to expect more shares to be issued to finance aquisitions and you just hope they can keep it down to a managable level. When it gets out of hand you exit.