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To: jmt who wrote (385)	6/30/1998 3:09:00 PM
From: rodster397	Respond to of 2493

Remember, their IR rep could not confirm the outstanding share nor could my broker. Until then everything is speculation. I learned from my mistake and will not do it again. I want confirmed outstanding shares before I decide anything. Rodster

To: jmt who wrote (385)	6/30/1998 3:37:00 PM
From: TraderGreg	Read Replies (1) \| Respond to of 2493

The authorized shares absolutely do NOT get reduced accordingly. That's the problem with a reverse. If PKGP had 50 million authorized yesterday, they still do. Occasionally, as a crumb, a company may do a huge reverse(like 70 for 1) and then cut the authorized in half, but they sure don't have to do that. I have been through enough of them to know the failure to reduce the authorized is THE problem. TG

To: jmt who wrote (385)	6/30/1998 7:05:00 PM
From: Bill Monahan	Read Replies (1) \| Respond to of 2493

RE: the REG S - I did a little research and you are correct that the company gets into a real bind when the REG S conversion pushes the shares outstanding above the max authorized. This is not allowed by the SEC. They can't increase the shares outstanding max authorized and if the company gets too close I think they have the option of a reverse split and the max shares authorized can stay the same. DO you agree? In this case it might be good news if the debenture is absorbed into the float, however it might be bad news if it is only partially converted and there are more shares to be sold.