Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SargeK who wrote (50880)	9/10/1999 2:33:00 PM
From: Brent Hogenson	Read Replies (2) of 95453

I think you got it backwards Sarge. If the banks are getting the shares that cause the dilution, it is in their best interest to dilute as much as they can. remember 7 million market cap vs. 700 million in debt. IMO HMAR will do a reverse split of 10 - 20 to one and then issue 10 million more shares for the 60 million (plus who knows how many more million to get some debt off the books). And that's if they can get the banks to agree to it. If I'm a senior debt holder, I say liquidate. So the secondary debt holders might be in the position of deciding whether they will get more $$$'s forcing liquidation or buying out the senior debt holders. (I'm sure there is some kind of escalated payment schedule for default) Look on the bright side, you made 1/32 trading it. <VBG>

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