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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 (2489)	6/4/1998 9:29:00 AM
From: Dave Bissett	Read Replies (2) \| Respond to of 4142

Gary - Maybe it's a little unfair to zing those that bought and hold warrants as greedy, altho I don't disagree. Aren't we all trying to acquire as many shares as possible? To those of us simple-minded folk who 1)didn't catch onto the P advantage early, and 2)have relatively small accounts, the warrants looked like a way to grab more shares while delaying having to come up with .50/share. Maybe not the best thing to do, but understandable. Furthermore, you predicted that the price of the trilogy would equalize and then the different instruments would keep pace with each other. This implies that the commons will always be priced .50 above the warrants, more or less, so on a purely dollars and cents basis when/why would one want to convert? I know this ignores the arbitrage problem, but it is the way some might look at it. Frankly, I don't have a daytraders attitude or speed and didn't catch onto coverting warrants, selling commons, and buying more warrants, etc., until too late. That was a great play and did eliminate warrants. Now, to up the exercise price would cause some to sell to get enough $$$ back to exercise the remainder...a real catch22...but thankfully, only a short-term problem. DB

To: Ga Bard who wrote (2489)	6/4/1998 10:12:00 AM
From: fubsy cooter	Read Replies (2) \| Respond to of 4142

Ga Bard: I don't think people not exercising the warrants can be simply stated as greed. Warrants are a way for people to buy more shares at a lower price until they have the cash to exercise them. It's much less expensive to buy a bunch of .25 warrants and wait for solid news and exercise the warrants at a profit than to buy a bunch of shares at triple the price. I personally would be doing this if I did not fear a raise in the exercise price. A company that issues warrants surely must realize this. Best Of Luck! Fubsy

To: Ga Bard who wrote (2489)	6/4/1998 12:24:00 PM
From: Harry_Behemoth	Read Replies (2) \| Respond to of 4142

Ga Bard- I don't follow your reasoning. -MIDLW cost $1 to convert. Price X fair price per warrant. -Arcon says OK, can convert for $.50. Press release infers permanently. Price Y fair price per warrant. Ideally, Y = X + .50, but since MIDLW was out of the money, Y = Z - .50, where Z = common price. -People buy a ton at price Y. Some converted to common, some held. -You think it's fair for Arcon to say SORRY, WE'RE RAISING IT BACK TO $1? NO WAY. Who in their right mind would buy ANY warrant if the terms can be manipulated day to day? How can a fair price be set?? And what's with the "greedy" comment. Investing is amoral. We all want to make money! Best Regards, The Rookie