IPPs and Merchant Energy Co.s Message Board

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Strategies & Market Trends : IPPs and Merchant Energy Co.s

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To: Dale Baker who wrote (808)	12/26/2002 12:37:39 PM
From: KyrosL	of 3358

ILA has a pretty healthy regulated utility core. IMO its assets exceed its liabilities and a bankruptcy will be a Chapter 11 type that will restructure its tolling contracts and allow the company to emerge with the common stockholders probably losing almost everything and the bondholders getting at least around 80 cents on the dollar, and with a good possibility of recovering close to 100%. These are my guesstimates based on the latest 10Q. I think ILA will use the BK threat to restructure its tolling contracts and buy them out sometime in the 1st half. I think BK is a less than 50% possibility -- but not much less. Kyros

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