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To: pressboxjr who wrote (7066)	8/12/1998 5:43:00 PM
From: Andrew H	Read Replies (1) \| Respond to of 14347

Well, HR, looks like another 1.5M shares converted over the last 2 months from the preferred. No way to tell if they were sold, but it would explain the price erosion. Unfortunately the company needed to do the preferred offering when they did. As a bridge until the negotiations with TX were completed. We were all aware of the offering--nothing new except the conversion. Hopefully the deal will be signed soon and further dilution will be unnecessary. The market had no response whatsoever to the news.

To: pressboxjr who wrote (7066)	8/13/1998 2:37:00 AM
From: LAWRENCE C.	Read Replies (1) \| Respond to of 14347

HR, The preferred stock holders want to convert the preferred stock into as many shares as they can. So the preferred holders are converting into common at these low prices because they expect the value of the value of the common to be worth more than holding the preferred stock. Note: Both preferred and common holders also don't want the common to fall below a bid of $1 because if the bid falls to $1 the company is subject to delisting. Lucky Lawrence

To: pressboxjr who wrote (7066)	8/13/1998 8:30:00 AM
From: ChrisJP	Read Replies (1) \| Respond to of 14347

Hi H.R., I was gonna post about snails, but in response to your post, I have sadly decided to remain on topic. It looks like 155,000 of the 200,000 shares converted. Wanna bet that some of the large blocks we've seen at the bid are some of the remaining 45,000 shares (converting into 450,000 shares)? That takes care of Series A (I think). The financial statement is too convoluted for me to figure out the Series B stuff. But if the Series A holder chose to convert now near $1, then it could be interpreted as another sign that the deal is expected soon. Regards, Chris