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To: Charles T. Russell who wrote (7156)8/13/1998 8:33:00 PM
From: LAWRENCE C.  Respond to of 14347
 
1. If the preferred owners felt they could convert at a lower price they would be waiting not converting. So some preferred owners felt the common wasn't going much lower and that converting would be more beneficial for them.
2. Every preferred share that is already converted is one less left to be converted.
Lucky Lawrence



To: Charles T. Russell who wrote (7156)8/14/1998 12:06:00 AM
From: LAWRENCE C.  Read Replies (1) | Respond to of 14347
 
From the 10QSB, I calculated that The preferred shares had a face value of $10. And the preferred shares are converted for 10 shares at lower of average of previous 5 days closing price or a cost of 85% of 5 day closing price. That would seem to be a cost of $1 of value plus .40-.60.
Lucky Lawrence


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