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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: cnyndwllr who wrote (76474)10/17/2000 10:05:50 AM
From: edward miller  Read Replies (2) of 95453
 
Actually "the desire to get their books and balance sheets
glowing" severely understates the problem, according to the
posters here who know more than I do. In fact you seem to
be just glossing over that issue.

Maybe you don't realize that a lot of the smaller companies
were just a step away from bankruptcy. Maybe you don't
realize that their bankers, and Wall Street, have told them
that in order to get money for drilling they HAVE TO clean
up their balance sheet.

Maybe you don't realize that almost being bankrupt 2 years
ago is having a profound effect on their confidence in the
prices they will receive going forward. I think that they
should wait.......... Wait until the investment community
realizes how serious the energy problem is, and that it is
not going away next spring. Wait until the investment money
finally flows their way. Why risk another bought with
bankruptcy?

Oh....... I forgot one minor issue. All the people that
were laid off at the bottom so these companies could avoid
bankruptcy court have left the industry. How would you
feel if you never had work for more than a few months or
weeks at a time when everyone else is doing so well? How
can people live like that? Many decided to go elsewhere,
and they aren't coming back. I can't blame them.
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