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Technology Stocks : Innovacom (MPEG), [announced single chip MPEG-2 encoder] -- Ignore unavailable to you. Want to Upgrade?

To: Nutbuster who wrote (5930)	9/28/1998 11:56:00 PM
From: David Wise	Read Replies (2) \| Respond to of 6297

For some humor, re-read the initial post on this thread. How on September 20, 1996 we were 2 years ahead of any one else. Someone posted over a year ago that everytime he called they told him they were 2 weeks away from finishing an audit and filing for NMS listing. Before I bought I called and asked. I swear they told me in 2 weeks they'd finish the audit and apply for NMS. Well, they finally finished the audit. By the way, best I can tell there's about $8 million in convertible preferreds now. And the limit isn't .50 or even .35. That limit is only on warrants that are in addition to the preferreds. The preferreds are something like 80% of the average 5 day price after about 120 days. Or immediately at about 120% of 5 day average. So as the 10Q says, the financial investors could own a majority of shares if they convert. Actually they'd probably own 80 or 90% the way it's going. Then ther'd be 70 - 100 million shares. But will they convert? Or are they part of the investigation? Maybe their convertibles will be declared invalid! If they are part of the investigation, does InnovaCom really have any funding? The last financing announcements came since the new CEO has been here. Is he clean? Why would he agree to floorless convertibles with a contract so poorly prepared from the company's position? "Turn out the lights, the party's over..."