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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: kormac who wrote (75778)10/7/2000 5:57:26 PM
From: Razorbak  Read Replies (1) of 95453
 
O/T - Ownens Corning

Seppo: Although the company will probably emerge from Chapter 11 as a going concern (no small feat, in and of itself, given the normal odds), the current equity will probably be worthless or will only get warrants for upside. If you want to play this special situation, the best way is probably via the bonds, which are trading at a huge discount to their face value and which will probably get converted into equity in the recapitalized company. Alternatively, you can wait for the company to emerge, and then buy the new equity. New equities that emerge from Chapter 11 proceedings statistically do better than the market as a whole.

Razor
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