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To: iceburg who wrote (18308)	9/30/1998 12:33:00 AM
From: w2j2	Respond to of 29386

Steve: ROFLOL! wj

To: iceburg who wrote (18308)	9/30/1998 12:39:00 AM
From: w2j2	Respond to of 29386

Steve, The next time one of my companies does a reg-D, I will sell first and ask questions later. wj

To: iceburg who wrote (18308)	9/30/1998 1:04:00 AM
From: Greg Hull	Read Replies (2) \| Respond to of 29386

Ice, <<Isn't their Series-C conversion price determined by the closing bid on five consecutive Wednesday's?>> I believe this might be part of the formula to determine the maximum conversion price. The relevant formula now is the average of the three lowest closing bids of the last n days, where n started out at 12, and increases by 1 for every month since the Series C offering closed, which was 3/98. When the last S-3 was filed (dated 8/26/98), n=17. Since these are trading days, they get to choose the lowest 3 days in the last 3+ calendar weeks. Said another way, they get to use the sub-$1.50/share prices for their conversion price until almost the end of October. In my next life I want to be rich enough to qualify for some convertible preferred offerings. They seem like a good way to stay rich. Greg