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Gold/Mining/Energy : Medinah Mining Inc. (MDHM) -- Ignore unavailable to you. Want to Upgrade?

To: Mike Gold who wrote (10731)	3/31/1999 9:28:00 PM
From: Handshake™	Read Replies (1) \| Respond to of 25548

Mike, my research leads me to believe that the DAY debentures were unsecured and would have no attachment to assets. Basically SOL. The point being why wine and dine with someone who basically has nothing to offer. Especially since the whole crux is in LiPangue & LDM properties. The DAY Shareholders are definitely getting screwed on this one. Its amazing their haven't been a flurry of lawsuits filed. HEY DAY shareholders if your feeling sorta blue and need a honest attorney, call the one I know from Indiana, he'll do ya right!.

To: Mike Gold who wrote (10731)	3/31/1999 9:32:00 PM
From: Handshake™	Respond to of 25548

From YAHOO-DAY board: Wildcat4fun, I told you not to use the rent money... by: questor_2000 360 of 360 and now you're all pissed off, thinking that your loss, if there is one, can become a shareholder suit. Let me say at the outset that my "8 times share price" headline was based on Yahoo! numbers, and I now see that they are wrong. The cash on hand after today's meeting is supposed to be $5M, not $44M, so the shares at 1/8 are about the residual cash value. However, prior to today's meeting, there was also -$69M in debt, so the actual value of your 12.5 cent share was 0.125 + 5/41 - 1.55, or about -$1.30/share. How long was that going to keep going, and when the debt came due, what would there be to pay it? DAY was like someone paying the minimum payments on a charge card at 18%, who was wondering which savings bank at 3% to keep the cash in. Meanwhile, the debenture holders were wondering if getting a nice rate per year was going to be worth it all, if in the end the company fell apart without paying the $69M. A debenture is just a loan, backed by the faith and value of the company. Frankly, I think the case can be made that the stockholders - anyway those buying in now, at 1/16 to 1/8 - are the ones making out. Here's my read on the conversion: The debenture holders give up their right to their $69M (after 1 more payment, amounting to less than 0.01/share), in exchange for stock priced as if it were worth 0.2222/share. Meanwhile, anyone with green dollars gets the same kind of shares for 0.06+ to 0.125. All at once, the $69M debt goes away, reflected in $69M worth of value in the stock (301M shares, 0.2222 ea), and there is an additional 41M shares worth ~0.125. The total is ~$74M share value and 351M shares, for a net share worth of $74/351, or $0.211/share. To me, it looks like 0.125 buys 0.211 for us, and 0.222 buys 0.211 for the debenture holders. Where's the greed, wildcat? Frankly, the mewling sounds vaguely cat-like. After the 1-for-10 reverse split, everyone's shares are worth $2.10 for about as long as it takes the market as a whole to reevaluate the potential for DAY. Frankly it sounds pretty good to me. One more bit of advice, and I'll make it nice: If you can't see this, and you're still mad at DAY, focus on DAY. I don't suffer fools who ask such impertinent questions as you did in your last post. If instead, you have a more authoritative explanation of the effect of the conversion than just more of your arm-waving rabble rousing, please instruct me