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Technology Stocks : Ampex Corporation (AEXCA) -- Ignore unavailable to you. Want to Upgrade?

To: Hal Campbell who wrote (6491)	3/24/1999 6:52:00 PM
From: Thomas Kirwin	Read Replies (1) \| Respond to of 17679

Picture in Picture (PIP) Auction Format Posted by Tom on March 23, 1999 at 22:00:05: In Reply to: Re: Auction Sponsor Prospect - Bid.com posted by Tom on March 23, 1999 at 13:35:19: Recent quote from Paul Godin CEO of Bid.com on March 23, 1999 - Perhaps the biggest piece of news to come out of Bid.com is that they will be adding audio and video to the site in the next 4-6 weeks. "We're very excited about the potential of real audio and video and have been working with a production facility in New York to the extent that we have both a comedian and a live auctioneer lined up." Bid.com plans to have a picture in picture format on their website to increase user visit time while also increasing the entertainment value of the site. bid.com Any connection - New York Production Company/Picture in Picture Format Regards, Tom

To: Hal Campbell who wrote (6491)	3/24/1999 6:53:00 PM
From: Hal Campbell	Read Replies (2) \| Respond to of 17679

Answering my own question. From the 10Q ......bold print at issue here apparently ... italicized print the recalled passage that led to my confusion... <<Note 7 -- Preferred Stock As of December 31, 1997, the Company became required to redeem the 69,970 outstanding shares of its 8% Noncumulative Preferred Stock with an aggregate liquidation value of $70.0 million (the "Old Preferred Stock"), to the extent of funds legally available therefor (generally, the excess of the value of assets over liabilities) at the redemption price of $1,000 per share. Effective in the second quarter of 1998, the Company completed the redemption of the Old Preferred Stock in exchange for the following securities (a) 3,000,000 shares of its Class A Common Stock, par value $0.01 per share (the "Class A Stock"); (b) 10,000 shares of a new series of 8% Noncumulative Convertible Preferred Stock, par value $1.00, with an aggregate liquidation value of $20.0 million (the "Convertible Preferred Stock"); and (c) 21,859 shares of a new series of 8% Noncumulative Redeemable Preferred Stock, par value $1.00 per share, with an aggregate liquidation value of $43.7 million (the "Redeemable Preferred Stock"). Each share of Convertible Preferred Stock and Redeemable Preferred Stock (together, the "New Preferred Stock") will entitle the holder thereof to receive noncumulative dividends at the rate of 8% per annum, if declared by the Company's Board of Directors. Each share of Convertible Preferred Stock may be converted, at the option of the holder thereof, into 500 shares of Class A Stock, at a conversion price of $4.00 per share, subject to adjustment under certain circumstances. Beginning in June 2001, the Company will become obligated to redeem the Convertible Preferred Stock in quarterly installments through March 2008. Beginning in June 1999, the Company will become obligated to redeem the Redeemable Preferred Stock in quarterly installments through December 2008. The Company will have the option to redeem the Redeemable Preferred Stock at any time and the Convertible Preferred Stock beginning in June 2001, and may at its election make optional or mandatory redemption payments either in cash or in shares of Common Stock. In the event that the Company does not have sufficient funds legally available to make any mandatory redemption payment in cash, the Company will be required to make such redemption payment by issuing shares of Common Stock. Shares of Common Stock issued to make any optional or mandatory redemption payments will be valued at the higher of $2.50 or fair market value per share of Common Stock. The issuance of Common Stock upon conversion or redemption of the New Preferred Stock could have a significant dilutive effect on the equity interests of the Common Stockholders in future periods. See Note 3. >> A bit confusing. Glad Ed's expertise is in this arena.