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Strategies & Market Trends : Floorless Preferred Stock/Debenture -- Ignore unavailable to you. Want to Upgrade?

To: N. Dixon who wrote (149)	10/11/1998 8:50:00 PM
From: Mama Bear	Read Replies (1) \| Respond to of 1438

"They have an authorization from the BOD to buy 330,000. They have stated they are buying aggressively (see Aug. 13 announcement)." I read the 8/13 announcement.It does not say anywhere that the company is 'aggresivly' buying back shares. A simple purchase of 100 shares would make that press release 'honest'. biz.yahoo.com "I have explained why they filed the S-3 and see no discrepancy or problem with REFR buying shares in the $5-6 range and then putting them to Ailouros at a later time of REFR's choosing at any price up to $15. " The problem is that you say they claimed that they are going to retire them. "My guess would be they would put the stock to Ailouros for more than the current price they are paying. Anyone that buys wants to sell higher. Unfortunately, the market will have to cooperate. "The important thing is that REFR sets the floor. So there is NO WAY Ailouros can FORCE them to sell stock for any less than REFR chooses." You have made it very clear that that is what is important to you. I still submit that they did the deal because they want to sell stock. No one will have to force them to do so. "So there is NO WAY they can force dilution nor is there any evidence that REFR will EVER sell for less than the current price. " Umm, you do mean less than 8% of the current price at the time of the conversion, don't you? "This makes it impossible to support a "floorless convertible" analogy. " You get stuck on things, and just can't move on, don't you? "It also makes you wonder why Ailouros would agree to these terms. 8% of $15 million is $1.2 million with no capital at risk. I'm sure not wondering. "Evidently they saw no problem in paying $8.25 a share for 65,500 of the Class B warrants with a potential of another 65,500 at the same price." You aren't trying to lead people to believe that Ailorous has exercised those warrants over the market, are you? "So this is a GOOD deal not a bad one for the shareholders. That was the point I was trying to get across." And that is your opinion. You make a lot of assumptions that are unsustainable and unlikely to come to your conclusions. So, I'm back to suggesting that we agree to disagree. You have not convinced me of your position, I have not convinced you of mine. What is the point in further arguing? It is also inaccurate to say that I misunderstand the situation because I do not share your point of view. Barb

To: N. Dixon who wrote (149)	10/11/1998 8:51:00 PM
From: Jonathan Babb	Read Replies (1) \| Respond to of 1438

ND - Can you please move the REFR discussion back to the REFR thread? I now totally disagree with what you are saying, but I will not be making further comments beyond what I have already said on the REFR thread. There is nothing else I need to say about the financing. Back on the REFR thread, I asked several questions about the technology. No one has yet to answer any of my questions. I don't understand why you are so concerned with the financing and not with the technology. Anyway, can we please move this discussion back to the REFR thread? We are beating a dead horse w.r.t. the financing and I am interested in discussing the technology, if anyone else is. Jon