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To: Sea Otter who wrote (5238)	2/19/1999 12:51:00 AM
From: Babs-e	Respond to of 10081

I needed that ----Thanks. Still long, babs-e

To: Sea Otter who wrote (5238)	2/19/1999 1:06:00 AM
From: JR Robinson	Respond to of 10081

I will get out when Gates gets out... Interesting article about investments into Junk Bonds and Gates, Qwest mentioned. abcnews.go.com jr

To: Sea Otter who wrote (5238)	2/19/1999 9:01:00 AM
From: Kurthend	Respond to of 10081

Sea Otter, >>Over the last six months 4 3/8 has been the rock-bottom floor for the stock.>> Floating conversion price = 115% of the the four lowest trading days in the 20 trading days prior to conversion. $4.375 x 1.15% = $5.03. It looks as though the conversion price can not be below $5 without GMGC having the ability to buy back the shares. This is a confusing issue, but I believe that $5 is the lowest that the Series C want to convert their shares to common stock. I think investors (to include myself) are confusing the difference between the 115% of the floating conversion price and the current stock price. I believe the converts can use (for example) a $4.375 price as their conversion rate and then just multiply that price by 115% to get their conversion price. One thing that is interesting. By the way, the following is based only on the Series C convertibles and not the warrants or any of the Series A or B shares. Per the documents, GMGC can only convert 5,383,458 shares max. 2,857,000 known shares have already been converted. That leaves 2,526,458 shares that can be converted. To find out the lowest price the converts can convert their shares at, one needs to know the average price at which the first 49% of the shares were converted. If someone knows for sure the average price at which the first 49% was converted, then I will bet lunch I can figure out within an eigth of a point the price at which the converts can convert their other shares. Just remember, unless I misread the documents, there is a limit as to how many more shares that can be converted. Thus there is a theoretical (sp) bottom to this stock considering only the fact that there is a limit to how much more shares can be converted. Anyway, unless there is news out there that I am unaware of, then I am not worried one bit about GMGC. Just POed that I didn't read these documents earlier. Taught me a lesson:( Take care. Kurt PS The deal last year considered that 2,691,729 shares could have been at a price of $11.188. Multiply $11.188 by 2,691,729 and you get $30,115,064. That is why it is important to find out at what price was the first 49% converted.