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Microcap & Penny Stocks : PKGP (Packaging Plus) -- Ignore unavailable to you. Want to Upgrade?

To: TraderGreg who wrote (4052)	6/23/1998 5:27:00 PM
From: Qone0	Read Replies (1) \| Respond to of 4783

Yep...... that's the way I read it. PKGP has fulfilled its part of the debenture now. The $68,000,000.. law suit against the debenture holder for fraud, illegal conversion of debentures per ICC has not been settled yet. Maybe the people doing the financing now some thing we don't about this? ROB

To: TraderGreg who wrote (4052)	6/23/1998 5:51:00 PM
From: John S. Baker	Read Replies (1) \| Respond to of 4783

I, too, wondered about the $4 million and the $6 million tranches, and their applicability to the convertible preferred. Perhaps ICC will comment, but what it means to me is that the $4 million basically went to paying off the earlier floorless convertibles. The $6 million is for various planned acquisitions. That being the case, the press release very carefully outlined the maximum, ie worst vase from a dilution standpoint: paraphrased as "if all this happens the most you current stockholders will lose is 4 million shared added to the float, and only that much if the planned acquisitions happen." Such an interpretation is a pretty good deal for the current shareholders, I would say. Differing opinions welcome. JSb.