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Strategies & Market Trends : Bill Wexler's Profits of DOOM -- Ignore unavailable to you. Want to Upgrade?

To: S. maltophilia who wrote (4314)	1/30/1999 1:00:00 PM
From: david james	Respond to of 4634

As you can read in the S1, the majority of those shares shown were based on the worst case scenerio assumption that the $20 mill in debentures would be converted at around $1.75/share. (4) Represents shares of Common Stock underlying the Series B Preferred Stock. Because the calculation of the conversion price of the Series B Preferred Stock is based upon a percentage of the market price of the underlying Common Stock, the Company has agreed with the holders of the Series B Preferred Stock to register 200% of the number of shares of Common Stock that would have been received by such holders if all $20,000,000 in value of shares of Series B Preferred Stock had been converted on October 13, 1998, at a conversion price of $3.51625, the conversion price calculated as of such date. From Kaufman, Recent press releases by ABTE indicate that representatives of Interfiducia Partners, a European investment fund with active interests in numerous telecommunications businesses, have agreed to recapitalize ABTE by retiring the company's $10MM 12% high yield notes and the remaining portion of its series B convertible preferred shares ($18MM principal at last check). We believe the transactions are scheduled to close in the next few weeks. We think the move eliminates concerns over potential dilution of equity and will help ABTE move its business plan to the next level.