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Gold/Mining/Energy : Royal Oak-RYO

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To: Hansy who wrote (632)	1/8/1998 2:13:00 PM
From: Al Cern	Read Replies (1) of 1706

The junior debenture holders have no choice but to approve the deal. Not approving it is tantamount to pulling the plug, and they would never get their money back in a bankruptcy. All the new debt, being the most senior can be recovered at $0.10 on the dollar, so there is much less risk, and a healthy return to boot. RYO is very shaky right now, they need higher copper and gold prices to survive. Sincerely, Al Cern

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