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Strategies & Market Trends : Mr. Pink's Picks: selected event-driven value investments -- Ignore unavailable to you. Want to Upgrade?

To: Kurthend who wrote (2565)	9/3/1998 8:56:00 PM
From: Mama Bear	Read Replies (2) \| Respond to of 18998

Kurt, this language from GMGC's SEC filing shows the series B is a floorless convertible: "The Series B Shares are convertible into shares of the Company's Common Stock by dividing (a) the aggregate purchase price of the Series B Shares plus any and all accrued and unpaid dividends by (b) the lesser of (i) 85% of the lowest sales price of a share of the Company's Common Stock during the 5 trading days prior to conversion of the Series B Shares and (ii) $3.00, as set forth in the Company's Certificate of Designation for the 5 1/2% Cumulative Convertible Series B Preferred Stock (the "Series B Certificate of Designation"). The conversion percentage identified in clause (b)(i) of the previous sentence is subject to adjustment based on certain events, including, among others, (i) the failure by the Company to timely cause this Registration Statement to become effective, (ii) the failure by the Company to timely list the Common Stock of the Company issuable upon conversion of the Series B Shares on the Nasdaq National Market and (iii) the delisting of the Company's Common Stock. edgar-online.com Barb