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

To: Ga Bard who wrote (1458)	5/29/1998 12:39:00 PM
From: Due Diligence	Respond to of 4142

Well, I'll make it easy on MIDL and tough on the MM's. Just exercised xx,xxx MIDLW. Elated, Jimbo

To: Ga Bard who wrote (1458)	5/29/1998 12:41:00 PM
From: Crossy	Read Replies (2) \| Respond to of 4142

Gary, thanks for getting this right - I wouldn'T mind exercising my MIDLW either but getting the facts straight is still important. Let me quote from the press release from May, 18th - it says nothing about a change in exercise price or warrant conversion deadline - quite the CONTRARY ! "The second matter is a reduction of the exercise price of the Midland warrants (MIDLW) from $1.00 to $0.50. This brings the exercise price of the warrants in line with the common. All other conditions concerning the warrants will not be effected. As soon as the registration statement registering the common stock underlying the warrants becomes effective, the warrants may be exercised" This implies to ME (JMHO) that all other things staying the same. "all other conditions reg. the warrants will not be effected !" However one question is opened - I wonder why You can exercise the warrant at all because the press release stated "as ssoon as the REGISTRATION STATEMENT registering the common stock underlying the warrants becomes EFFECTIVE the warrants may be exercised" - exactly ! I haven't seen the registration statement. HAve You seen it ? The last filing in the SEC was th NT-10K from April. best regards CROSSY

To: Ga Bard who wrote (1458)	5/29/1998 1:04:00 PM
From: SC Anderson	Read Replies (2) \| Respond to of 4142

GA, I'm no lawyer or SEC guru, but I don't think they change the conditions just like that. IMO, the press release locks them up. Steve Monday May 18, 9:26 am Eastern Time Company Press Release Midland Inc. Announces a 50% Preferred 'A' Stock Dividend ... The second matter is a reduction of the exercise price of the Midland warrants (MIDLW) from $1.00 to $0.50. This brings the exercise price of the warrants in line with the common. All other conditions concerning the warrants will not be effected. ... May 9, 1997 MIDLAND INC (MIDL) - Annual Report (SEC form 10KSB) Series A Warrants In connection with the offering, the Company authorized the issuance of up to 5,205,650 Series A Warrants (including 405,000 Series A Warrants that may be issued upon exercise of the Underwriters' overallotment option, 270,000 Warrants which are issuable pursuant to the Underwriters Warrants and 652,050 Warrants together with an equivalent number of shares of Common Stock for issuance upon conversion of the Series A Preferred Stock) and has reserved an equivalent number of shares of Common Stock for issuance upon exercise of the Series A Warrants actually issued. Each Warrant will entitle the holder to purchase one share of Common Stock at a price of $1.00 per share. The Warrants are currently exercisable and are separately traded until August 14, 2001, unless earlier redeemed. The Series A Warrants are redeemable by the Company at $.05 per Warrant, upon 30 days' notice, at any time after February 14, 1997, if the closing bid price per share of the Common Stock for ten consecutive trading days' prior to the date of notice of redemption is given equals or exceeds $2.50 per share. In the event the Company gives notice of its intention to redeem, a holder would be forced either to exercise his or her Series A Warrant within 30 days after the date of notice or accept the redemption price. The exercise price of the Series A Warrants may be reduced at any time and from time to time at the discretion of the Board of Directions when it appears to be in the best interests of the Company to do so. Any such reduction would impair the value to holders exercising their Warrants prior to the effective date of the reduction.