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Non-Tech : Secret Squirrels hit! -- Ignore unavailable to you. Want to Upgrade?

To: musicguy who wrote (1001)	9/18/1998 7:23:00 AM
From: Wayne Rumball	Read Replies (1) \| Respond to of 12872

GSMI - looks really bad at any price. March 31 SOS 5,531,705 June 30 SOS 10,102,323 Aug 15 SOS 12,555,071 Series C convertible preferred shares 14.5 of them converted to 3,462,463 Not sure what the conversion rate is based on but that means the other 30.5 outstanding would add another 7,283,111 (or a lot more if it is based on the closing price) No wait, decided to investigate a little more... Man this is really good, here's the scam So the company issued 45 Series C preferred (SCP) for 4.5 million dollars. After all is said and done it added 2,423,000 to book value (the other 2,077,000 disappears into space) Now those SCP's convert to shares at a 25% discount to market price prior to March 31, 1998, and after that the discount increases 2%/month to max 35% So at todays price, the remaining 30.5 can convert to 50,051,282 shares. So with only 40 million authorized, you bet they need to do a reverse split. Head for the hills boys

To: musicguy who wrote (1001)	9/18/1998 7:29:00 AM
From: Wayne Rumball	Respond to of 12872

Now lets look at TREV 1,000 shares of preferred stock converted to 1,449,685 common There are another 1,615,675 outstanding nuf said