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Gold/Mining/Energy : American International Petroleum Corp
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To: Michael Dappert who wrote (4732)11/6/1997 4:53:00 PM
From: CMon  Read Replies (5) of 11888
 
I don't read this as good news. A few weeks ago, everyone here was expecting an imminent announcement of a JV with a "major." Why would they issue yet another high coupon discount convert that diliutes the equity at least another 7% at this stock price (if this deal is like their previous discount converts). The Hunts interest is irrelevant, they make a clean profit on the discount when they convert and 14% in the menatime for the privelege. Who wouldn't lend on those terms? Bottom line: if a joint venture were around the corner, why would they raise funds on such onerous terms?
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