Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Microcap & Penny Stocks : MIDL .... A Real Sleeper -- Ignore unavailable to you. Want to Upgrade?

To: jcmoore who wrote (5400)	4/13/1999 3:39:00 PM
From: Ga Bard	Read Replies (1) \| Respond to of 7039

Ok I will put in my 2 cents worth ... Series A Preferred Stock: The Series A Preferred Stock was to have been automatically converted into shares of common (Common Stock) on October 1, 1998; The P converted on that date in an automatic function. SO basically there is no P publically traded or that a MM can make a 15c211 on without a new registration of the security. Now I own this particular security and I know that by the filings it has already converted except for on problem ... however, there were an insufficient number of shares authorized to provide for conversion. Please not the word were was used ... The Company has allowed preferred shareholders who request conversion in writing to obtain shares of Common Stock, but there is no assurance it will continue to be able to do so given the authorized capitalization of the Company. The Company anticipates calling and holding an annual meeting of shareholders during April, 1999, and, in addition to the election of directors, will place on the ballot a proposal to increase its authorized capitalization to an amount sufficient to provide for conversion. If the P shareholders do not vote for the increase capitalization then I guess the conversion never finisheds and it never trades. I am voting for the increase. The reason for extending the conversion was to stop arbitrage. Until conversion is effected, each share of Series A Preferred Stock is entitled to 35 votes on each matter submitted to a vote to the Common Stock as if the two classes, common and preferred, constituted one class. Each share of Preferred Stock is currently convertible into approximately 42.35 shares of Common Stock Basically please note the words is effected one the vote is done the shares show up in your account. However, again I do not think the P will ever trade again only convert once capitalization is approved. This is my take on it. GB