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Technology Stocks : WCOM
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To: paul t who wrote (10890)6/26/2002 12:59:38 PM
From: Oeconomicus  Read Replies (2) of 11568
 
"Penalties" of what sort? The real question is whether shareholders will get a chance to have that free cash flow repay the debts at face value when they come due or if the creditors will decide, if this restatement constitutes a default and allows them to demand repayment, to do so and force a BK. If they can, it's not clear that would result in the best long-term outcome for them.

Force BK and go through the risky process of seeing what you can recover or negotiate a waiver and some tough terms, get a position ahead of unsecured bond holders, and live with only the operating risks? Which will the bankers choose?
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