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Gold/Mining/Energy : Arcon Energy (MIDL Presently) The Ultimate Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Ron Pratt who wrote (727)	5/26/1998 12:39:00 PM
From: Oscar	Respond to of 4142

Seems to be some confusion: placing a limit or market order is how you sell or buy the warrants, not execrise them. Long and strong on the warrants, Ps, and common. Oscar

To: Ron Pratt who wrote (727)	5/26/1998 12:40:00 PM
From: Charger	Read Replies (1) \| Respond to of 4142

"exercising" the W. means converting it to common, it does not mean simply selling it. What you have described is the simple act of selling your warrant. To "exercise" means that the shares of warrants that you hold, at the price that you bought them at, plus your contribution of an additonal .50 per warrant is delivered to the company (the transfer agent) and the transfer agent, in turn, gives back to your broker an equal amount of MIDL (common). Charger

To: Ron Pratt who wrote (727)	5/26/1998 12:45:00 PM
From: James Mitchell	Read Replies (1) \| Respond to of 4142

There's a difference between trading the warrants and converting the warrants. Any warrants can be traded like a regular stock, as your ebroker indicated. However, as I understand it, that is entirely different than converting the warrants, which has to be done by calling a live broker. Why would you want to do one over the other? You have to compare the price difference between the warrants and the common. Sometimes, though it seems rare, it pays to convert. It is also more of a hassle to convert. At the high point of the xybr/w frenzy, there was a small window where converting would have netted me more money than trading the warrants. But the time frame was so small, I might not have been able to do the conversion quickly enough to catch the price difference. I just traded the warrants and still made good money. Anyone please correct/add to this scenario.

To: Ron Pratt who wrote (727)	5/26/1998 12:48:00 PM
From: Triffin	Read Replies (2) \| Respond to of 4142

PEOPLE.... until the MIDLW and MIDLP are "freely" convertible to common the price relationships will be all over the place.... Right now the warrants convert @ $1.00 hence the approximate $1.00 difference between common and warrant prices.. The warrants will shortly be convertible/exerciseable @ $0.50...at which point the price differential between warrants and common will approximate $0.50 The MIDLP will be able to convert "at the option of the holder" after OCT 1998 at a 35:1 ratio... The May 29th X-date for the 50% stock dividend on the MIDLP..is in the form of "different" security..not payment in kind.. the dividend will not be convertible to common until OCT 1999. Since no one knows where the values of any of the pieces are going to be on the future conversion dates... much price disparity/opportunity exists in the present quotes available to all......... EOM... Jim in CT...