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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 (1815)	5/31/1998 5:18:00 PM
From: Dusty	Read Replies (2) \| Respond to of 4142

Gary and All, Any astute investor who has a choice of common verses Preferred will ALWAYS chose the preferred. PLEASE READ CAREFULY: <IF> you own preferred stock in any company and for any reason should it bit the dust and go out of business. The PREFERRED STOCKHOLDER gets first consideration and the COMMON shareholders suck hind tit! That is the reason I would NEVER convert if given a choice. Gary has done a great job covering the rest of the reasons. Dusty :o)

To: Ga Bard who wrote (1815)	5/31/1998 5:57:00 PM
From: Crossy	Read Replies (3) \| Respond to of 4142

Gary, I have to disagree with You simply because if You could NEVER convert the "P" into common they would be worthless . ie.e. they derive their value from their derivative state. Also first You argue that ACTUAL DILUTION (in case of automatic conversion) would matter - then You argue that PROBABLE DILUTION would matter - I would call that incoherence.. Another opinion (mine for instance) is that FULLY DILUTED numbers matter only and this is a fixed number near 40 million common right now, unless the company decides to issue more common or common equivalents. Anyhow You would just delay any effects You would attribute to the conversion with the 1 year postponing the date. Just buying time. Makes no sense to me. Arbitrage plays are always out there and always will be. If You goal is to prevent short-term fluctuations from happening (i.e. preventing conversion + immediate sells of the common) then best strategy would probably be optional conversion PLUS and announcement of future forward splits to expect. That would enable conversion and OTOH make the conversion itself much less likely. best regards CROSSY