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To: doc who wrote (3497)	2/19/1999 2:19:00 PM
From: John Bissell	Respond to of 5300

Thanks doc. Don't get me wrong by the way. I LOVE hearing different points of view. I hate it when everyone agrees with each other and it's happy happy joy joy all over the place. I just want to get to the FACTS. Anyway, my experienced with preferred offerings has been different. In fact, the deals I have worked on have been quite the opposite of what you describe, in that the preferred shareholder was incented to make the company successful, appreciate the stock and hence their investment. Since I have no details on how the WCTI deal was structured, I have no reason to believe that what you describe would happen. What I'd like to know is: 1. How many shares were issued. 2. What was the par value. 3. Any restrictions on when these shares could be sold on the open market. (Often shareholders have to wait for a period ranging from months to years before they can dump stock). 4. Any special conversion parameters. If you find out anything specific, let me know.