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Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: Dusty who wrote (3994)	8/18/1998 7:40:00 PM
From: Ernest R. DeSaye Jr.	Read Replies (1) \| Respond to of 7039

Dusty, In response to your question about the acquistion of Arcon never being completed so when DF was named CEO was this just window dressing? The answer to that is no. Quite often when an acquistion takes place and as part of the deal new board members are to be installed, the board of directors often changes hands before the actual acquistion is final. A perfect example of this right now is POKR-AVIA. The deal was announced but the merger isn't complete yet but POKR's board of directors are in charge of AVIA right now. So no it wasn't window dressing DF was the CEO and was acting (or not acting) as such. IMO this is yet another result of the DF legacy that will sadly be with Midland for quite a while. Ernie

To: Dusty who wrote (3994)	8/18/1998 7:50:00 PM
From: Jack of All Trades	Read Replies (1) \| Respond to of 7039

Dusty, I don't think the P was purchased at a premieum. Remember 1P=35 commom. The P hit something like $42/share when the common trading at $2+. This would make the P $70+/share price for a premeium. The reason for stopping the conversion is not to save the skins of the prefered shareholders it's to save ALL shareholders and potential shareholders (warrants) from dillution which leads to low common value. Which lets the people that are short cover at lower prices. P holders are considered to be for long term investors. As far as Arcon goes, I beleive that DF was given the ball to run with because he was CEO of Arcon the company being acquired by an empty shell. Just as NHSA wants to be in control if the come into MIDL. IMHO JeffG

To: Dusty who wrote (3994)	8/18/1998 9:30:00 PM
From: out_of_the_loop	Read Replies (3) \| Respond to of 7039

RE: "Anytime preferred stock is offered it is preferable to common as it carries with it certain security. Should the company fall on hard times and there is anything to be had after the debt is settled it goes to the preferred shareholder. Therefore, it is vital we stop the conversion of the preferred stock. Frankly, I would in the future question any company that expressed the intent to convert the preferred stock to common. Shareholders purchase at a premium the "P" stock and chose to do so for specific reasons" ------------------- The reason to stop the P conversion is everything Jeff explained, but the most important thing is to preserve the structure of the stock. This relation of a potential "P" to "C" conversion at a specified date is what makes this stock attractive as a shell for reverse merger. The fact that there is nothing in the shell at this point and a P conversion date that is fast-approaching is also what now makes this stock nearly worthless at this time (just my opinion) UNLESS a new date is specified. It will be a shell without any special qualities and an undignified past. When that new date is specified, then the stock structure will once again remain for a time preserved so that MIDL could be attractive to a company that wants a NAZ listing without "the usual hassles". A company that wants the listing will overlook the past in order to get into the stock structure. Without the structure, it will be a permanent field day for the shorts (IMO). "Hope this helps."