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

To: Harry_Behemoth who wrote (3059)	6/10/1998 12:32:00 PM
From: Jeff Harrington	Read Replies (1) \| Respond to of 4142

Gary answered this recently (not sure if he posted it) via his MIDL email. Maybe you should write him and ask him for a copy. Simply put paraphrased from his email: MIDL is not liable. This is fraud, pure and simple. The broker who bought the goods cannot hold MIDL responsible. He bought crap. Too bad. Now he has to cover. He's short accidentally if he's been selling. Otherwise he should be able just to send the certs back to the TA. Hoping Gary will clarify anything I left out. JH

To: Harry_Behemoth who wrote (3059)	6/10/1998 12:55:00 PM
From: Ga Bard	Respond to of 4142

1. Fisher somehow convinced someone that some of his A preferreds were marketable and put them on the market. None were marketable. How could this be done? Is MIDL liable in any way? Well I guess he talked a good game and or probably had them issued in an affiliates name which is most likely. Is MIDL liable well only for legit shares and those that may have made it to the DTC. Other than that no MIDL is not liable. They had attorneies on this ... 2. Fisher convinced someone that some of his B preferreds were converted to A preferreds, and then marketed the A preferreds. The B preferreds were supposedly not convertible yet. That is correct and requires witnesses, board approval and a legal option which none was presented so it may have been done on good de;livery ... See they did a private offering which is legit. Because of that Dan could have conned someone ... well the stop takes care of all that. 3. The market was "flooded" with bogus A preferreds. Something has to give. Some people who think they own A preferreds actually do not. There are just not enough in the float to cover. The stop means that you have to send in the offering because that is the only way you could have gotten A without buy on the open market. Now you send in your offering and your cancelled check and you have no problem the stop will get lifted. Simple as that. What happens next?? Heck I do not know I am learning as we go to. LOL ... ask madam Binder GB