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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL) -- Ignore unavailable to you. Want to Upgrade?

To: vic klimpl who wrote (36215)	7/16/1998 5:42:00 AM
From: William Harvey	Respond to of 41046

vic, Actually, that's the idea but not the whole story. In March, they could convert only 20% if they choose to exercise that right but it's cumulative. If they don't exercise that right in March then they can convert 40% in April and if none is exercised in March or April then 60% can be converted in May. It is a safety valve but not for ever. In June of 1999 (I think it's June but it's next year for sure), they are forced to convert everything. I find it hard to believe that the delay of the FNet IPO is a bad thing. It's not dilution if we own more FNet as FTEL shareholders. WH