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Politics : Ask Michael Burke
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To: Knighty Tin who wrote (95351)4/2/2002 10:43:27 AM
From: Michael Bakunin  Read Replies (1) of 132070
 
It's in the 10-K, and I can't say it's impelling me to buy.

Per Goldman,

***************************************************************************
* We are downgrading Stillwater Mining (SWC) to Market Performer from
* Market Outperformer. In its 10-K filing last night Stillwater announced
* that the SEC said that it believed the method for calculating probable
* reserves should be revised and insisted that the company redesignate
* probable reserves as mineralized material. 90% of SWC's reserves are in
* the probably category. Disussions with the SEC continue. If Stillwater
* is required to reclassify probable reserves, the consequences include
* higher D&A, lower EPS, and the possibility of default under SWC's credit
* facility. We believe the material uncertainty associated with this
* announcement is a significant negative for SWC.
***************************************************************************
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