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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 (2037)	6/1/1998 1:39:00 PM
From: Due Diligence	Read Replies (1) \| Respond to of 4142

Oh, the "Nashing of the Teeth" is starting this morning. Just watch the nays, warriors, shorts come out of the woodwork the next few days. Margin calls are Hell. Jimbo

To: Ga Bard who wrote (2037)	6/1/1998 3:23:00 PM
From: The Devil Dog	Read Replies (1) \| Respond to of 4142

This message is for Dave. Dave you obviously believe that the dividend was issued as 144 applicable. Only the B are 144. The dividend now a forward split is still being awarded to the pref A holders still from the existing float. Now if you read the filing explaning the share structure you will see that that shares always had a Oct 98 conversion. I do remember that people perceived that the shares in the treasury were restricted for which they are not. I know that because I purchased 5000 from the treasury . There were dates that I had to have the transaction completed by, but there was no date restriction.Secondary Offering: The Company, on August 14, 1996, completed a secondary offering to the public of 54,000 units (Units) , each Unit consisting of one share of Series A Preferred stock (Series A Preferred Stock) and fifty Redeemable Common Stock Purchase Warrants (Series A Warrants). The Series A Preferred Stock and the Series A Warrants are now being traded separately. The Series A Preferred stock will automatically convert into thirty-five shares of Common Stock on October 1, 1998. If the Company fails to have $300,000 of pre-tax earnings for the twelve months ended June 30, 1997, exclusive of extraordinary and non-recurring items and, upon such failure, the Common Stock does not trade for at least $2.50 for ten days between June 30, 1997, and August 15, 1997, then the Company will declare a dividend on each share of Series A Preferred Stock of one-tenth share of Series A Preferred Stock and five Series A Warrants. The Company will declare a similar dividend on the Series A Preferred Stock unless the Common Stock trades above $2.50 per share for 20 consecutive days after August 14, 1997, but before August 15, 1998, and the Company fails to have pre-tax earnings of $450,000, exclusive of extraordinary and non-recurring items. Each Series A Warrant entitles the holder thereof to purchase one share of Common Stock (Warrant Share) at an exercise price of $1.00 per Warrant Share until August 14, 2001, unless earlier redeemed. Regards WB