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Microcap & Penny Stocks : ORTH - Undervalued stock at 17/32? -- Ignore unavailable to you. Want to Upgrade?

To: lac who wrote (69)	3/17/1999 11:55:00 PM
From: Buckey	Read Replies (1) \| Respond to of 99

Jeff - been trying for two days to buy again at .50 - I guess there are no fools. I did get very lucky on Monday to get 1k at .50 and sold half at 1 3/16. Just put it away on the shelf

To: lac who wrote (69)	3/18/1999 1:05:00 PM
From: Jill Collins	Respond to of 99

It is my understanding that the PEN/ORTH deal has been approved by the boards and is now pending approval of shareholders. I would be quite surprised if it didn't get approval of shareholders. Long term ORTH holders who have seen the price slip will from $4 to .60 must be very pleased with the prospect of getting on a "faster horse." By the way, using the precise stock exchange ratio of 2.778 shares of ORTH for 1 share of PEN it would appear the precise conversion ratio is .3599. In other words, If PEN is trading at $2 a fair value of ORTH is .71 cents ($2 X .3599). If the price of PEN goes up but the price of ORTH stays static then ORTH becomes a good arbitrage candidate. However, if PEN goes down then so does the value of ORTH. Perhaps waiting until a date closer to the June merger date would be best for arbitrage. On the other hand, if PEN goes to $2.50 or $3.00 pre-merger then we will have wished we would have bought more ORTH at .70 !! Finally, another thought is simply to put any "new" money into PEN.