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To: Seconds Out who wrote (3971)	10/28/1998 12:05:00 AM
From: Seconds Out	Read Replies (1) \| Respond to of 10081

I just read over the 8k SEC Filing. I also went back and read much of the original filing from this summer to figure out some of the references. I will recount what I THINK it says. It seems that the only provision that is changing is the Fixed Conversion Price from $19.49 per share to $10.00 per share. In exchange GMGC gets the right to issue shares not to exceed 5% of outstanding shares per year as needed for mergers, acquisitions, etc. without triggering the anti-dilution protection that the Preferred Shareholders had built in to the old deal. Under the old deal it would allow for the conversion calculation to be alterred so as not to dilute the Preferred's value. No change was made to the 20 day period or the 4 lowest closing prices language. Also, I think they have until 2001 before they are required to convert (from this summer's filing, but it was very long and I may have misread it). By January 31, 1999 the common shareholders need to vote on this change at a special meeting. So now the question is...WHY... and WHY NOW? Why would the Preferred's care about the $10 deal if they were expecting the price to be below that meaning they could convert well below that figure over the next few months? Why would GMGC want the right to issue the additional shares not to exceed 5%? Why is it coming out now? And why did I stay up until midnight reading that whole thing? Good night. Seconds Out.

To: Seconds Out who wrote (3971)	10/28/1998 9:30:00 PM
From: JC	Read Replies (3) \| Respond to of 10081

Just a reply- The carrier deals are NOT that forthcoming this soon. Carrier deals do not occur inside of 6-12 months, no matter how good the product is, or how good the marketing of it is. Wildfire had to have 3 years of trials and tests before they were rolled out in selected markets by Pac Bell. I do not think that GMGC wil be announcing deals at least until next summer, if they are not acquired by someone else in the interim. I do not think that the company is positioned properly to acquire another firm any time soon, especially due to the huge cash burn rate that they will no doubt have this quarter (national print and media cost quite a pretty penny.) That said, I think that the company will go very far.. I just have to interject these reality checks every now and again, as people often see the stars looming close when they are in reality very very far away. Please feel free to disagree with my.. it is all in my humble opinion and due to my research and actualy subscribing to some 12 different unified messaging systems over the past 5 months JC