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To: clochard who wrote (73882)	11/5/1999 3:03:00 PM
From: pater tenebrarum	Read Replies (2) of 86076

Steve, i'm not really into ASL, as i avoid the hedge funds with a hole in the ground on the side. all i can tell you is that a) you can be sure the deal they struck was favorable for everybody but ASL shareholders and b) if the PoG starts to rise again, the deal will be in tatters real quick. ASL is probably only compelling if the PoG falls back to it's lows before the post BoE/ECB explosion, as it will give them an opportunity to worm their way out of their hedges. i'm sticking with high-yielding SA producers that are either unhedged or have reasonably manageable hedge books. ASL,ABX and their ilk are anathema to me. note that i could be totally wrong...it may well be that ASL will be taken over at a premium for instance, it may be worth speculating on that. there's nothing wrong with their operations....it's only the hedge book that's a disaster. hb

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