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To: Seconds Out who wrote (4452)	12/17/1998 11:36:00 PM
From: stephen wall	Respond to of 10081

Seconds, Thanks for the correction. I guess I havent come up with a new conspiracy theory today, so here goes: Preferred C's converted on November 12 at 5.079/share. 1451 x 10,000 / 2,857,000 = 5.079 We are currently hovering SUSPICOUSLY around 5 1/16 = 5.06. From the proxy statement: "In the event that any shares of Series C Preferred Stock are submitted for conversion at a conversion price less than 5.00, the company is entitled to redeem such shares offered for conversion at a per share value price equal to 110% of the Liquidation Value." Just for the sake of example say they were submitting for conversion the same 1451 shares. Then conversion would be: 1451 x 11,000 / 2,857,000 = 5.58 This then would become their conversion price, would it not? If this is correct, then keeping the share price at or around 5/share until the 115% closing price is triggered from the 4 day average low bid close for the rolling 20 day period (say 5 1/16), is much better than 5.58. Whatever the case, I am brain dead from it all. stephen PS Viper. What you say is probably true if all future shares were used for working capital only, but the proxy seems to emphacize "strategic partnerships" rather strongly. In this case, I think the leverage of joint ventures has a good chance of overriding the negative aspects of dilution especially if those ventures are synergistically built. This new voice convergence has huge potential and is the reason I am invested here.