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To: Willy who wrote (400)6/17/1998 6:39:00 PM
From: John F. Dowd  Respond to of 994
 
Dear Willy:

It looks like these guys did their deal and when the due diligence was done the conversion price was baesed on price that would encourage the preferred holder to short the stock in order to establish the conversion price. PLC was in the same cash short positionand was so desperate they had to do a dumb deal like this as well. The guys who run these technical cos. are not too savvy financially.

JFD