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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: jim_p who wrote (23943)	6/18/2003 4:14:51 PM
From: aerosappy	Read Replies (1) of 206325

PGS after Chapter 11 ("Pre-Packaged BK") -- For analysis purposes, assume that there will be 100 million common shares after the BK plan is approved. Ownership of the shares will be as follows: 5 million shares to holders of PGS Trust-I (i.e., the so-called "Preferred" Shares) 4 million shares to existing PGO common shareholders 61 million shares to creditors who select "Plan B" The remaining 30 million shares require the shareholders thereof to put up $85 million cash (equals $2.83/share). These shares will be split -- [A] 7.5 million shares to Umoe and the other Big Boys [B] 22.5 million shares to existing shareholders who are willing to pony up their pro-rata share of $63.75 million (75% of the $85 million). If existing shareholders do not want these, then Umoe, et. al., will underwrite ("buy") shares not exercised by existing shareholders Accordingly, existing PGO common shares have a total value of about $15 million (or about $.14 per share). This assumes that the common shares will be worth $3.00 each, and the existing common shareholders will get 5 million shares. Existing PGS Trust-I shares are worth 17.4% of par value, or about $4.34 per "preferred" share.

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