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Gold/Mining/Energy : Harken Energy Corporation (HEC) -- Ignore unavailable to you. Want to Upgrade?

To: Arktic who wrote (3779)	12/7/1998 4:38:00 PM
From: Zeev Hed	Respond to of 5504

Paul, in most cases their are buy back provisions at a premiums. You'll have to look at the S-3 to fully understand the whole story, and it is possible that if they engage in buy backs some holders might have "priority". The problem with buy backs is that it will drain their cash resources (which they obtained through these three "floorless", one of these is about $85 Mm and will completely drain the treasury, of course, this one does not become floorless for another two years, I believe and right now it has a ceiling of $6 or so. If they want to engage in such an exercise, they'd better do it before the critical Dec 9 to Jan 9, 99 start, since during this period the floorless are going to make sure no shenanigans are played to keep them away from their pound of flesh (conversion ceiling under $2?). I view the next four weeks starting next week as quite critical and plan to bail out, hopefully tomorrow. Zeev