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

To: Dave Bissett who wrote (3042)	6/10/1998 11:54:00 AM
From: Ga Bard	Read Replies (1) \| Respond to of 4142

Would you explain once again the value of the preferred's? the MIDLP is Preferred Series "A" which is the equal to 35 shares of common when it converts. Now the conversion date is Oct of 1998 however there is motion that will come to the floor to extend the conversion until Oct 1999 and no optional conversion so arbitrage will not be established. Now the MIDLP is getting a split and right not is trading with split shares attached so if you sell the P you are selling the split shares attached to that P with it. Until xdate at which time the split shares become unattached to the existing P. It appears that their conversion is going to be put off if it comes to a vote. So, assuming Arcon announces some great news, i.e. JV, September production or whatever, what is the value of holding preferreds through Oct. 99 or beyond? Investment for future splits / dividends etc. I assume the common and perhaps warrants would jump in value but would the preferreds jump equally? Heck I do not know I cannot guess what the market is going to do. GB