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To: Jim Mac who wrote (68)	7/28/1998 8:13:00 PM
From: dumbmoney	Respond to of 136

Jim, do you have hard facts (i.e. directly from the company) as to how many convertible shares are currently outstanding? As of June 12 there was $43 million worth outstanding. Buying them back at this late date could get very expensive. Check this out: "If at any time the Conversion Price falls below $25, upon conversion of any Series B Preferred Stock, the Company may, in lieu of the issuance of common stock, make a payment in cash in an amount equal to the value of the common stock based upon the high trading price of the common stock on the conversion date." Note that the stock price on the conversion date is NOT THE SAME as the conversion price. It could be a lot higher! Ironically, this gives the company an incentive to keep the stock price down.