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Gold/Mining/Energy : Royal Oak-RYO

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To: Madharry who wrote (921)	4/15/1998 11:48:00 AM
From: scott	of 1706

witte maybe a tough negotiator but she does not have any cards to play other than nuisance avoidance. senior bondholders currently own the company. witte knows it, bondholders know it, and trilon knows it. debt holders care much more about the prinicpal than they do about the interest. in canada debt holders claim does include unpaid/accrued interest. they will agree probably agree to the deal but not without receiving substantial consideration. i differ on your labelling me as negative- i understand this situation very well and r simply letting people not in the loop have some facts. at the end of the day, someone is wrong. to have a higher market cap on equity than debt with the debt trading at 75 cents on the dollar(does that sound like the bonds are holding up well?) is called arbitrage. if the equity was worth something this company would have been sold, but gold companies believe that this mine is at best worth the value of its debt. lastly, bid/offer is not all that big given that the fate of the company is currently being decided behind closed doors by ryo mgnmt and the bondholders negotiator.

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