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Microcap & Penny Stocks : FRANKLIN TELECOM (FTEL) -- Ignore unavailable to you. Want to Upgrade?

To: Randy Brummitt who wrote (38244)10/2/1998 5:14:00 PM
From: bjc  Read Replies (1) | Respond to of 41046
 
It is my understanding that some of the preferred shares will be converted to FNet instead of ftel. The parties had to make this decision as of 9-30-98 and did. I do not know how many, however.
BJC



To: Randy Brummitt who wrote (38244)10/2/1998 7:05:00 PM
From: David D.  Read Replies (1) | Respond to of 41046
 
Randy, on the last page of the 10-k it states:

Subsequent to June 30, 1998, 115 shares of Series C preferred stock valued at $1,046,000 converted into 919,266 shares of common stock.

Using that formula: 919,266 common/115 series C = 7,993 SHARES of Common Stock PER share of Series C.

If that is the case, the 431 preferred shares LEFT TO CONVERT would be 7,993* 431 = 3,445,249 Shares of Common Stock.

Is my math and understanding correct?

David D.


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