My opionion on the news..........
there are a couple of things that i got out of our conversation;
1.) mfn does not appear to be heading for bk anytime soon.
2.) the turn around seems to be further along then anybody thought.
3.) according to already filed 10k's , as of feb 15th, 1998 approxiamently $187 millon of principal has been repaid to creditors under the forbearance agreement, so where did all those other millons come from ( remember he said over $400 millon repaid to date). we know they got a huge tax refund ( about $57 millon if i remember correctly, but here is where my opionion comes in, remember all those millons they tucked away for loan loss reserves, they stuck enough money to cover a 50% loss, i believe there losses to be somewhere around 20%, anyhow, i believe they r bringing back this excess cash to the bottom line, thereby paying down the debt so much, that the creditors r no longer concerned, and now i believe mfn is busy putting long term financing in place, and should be completed within the next 3o days.
once again, only my opionion,
gambler |
