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Gold/Mining/Energy : Royal Oak-RYO
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To: Bill Jackson who wrote (806)3/23/1998 10:33:00 PM
From: littleguy  Read Replies (1) of 1706
 
Bill- I meant unsecured.
Secured notes are backed by kemess itself, as I understand it.
If you heard the conference call, recall when someone asked Peg if RYO could meet it's interest payments at the current gold prices if kemess were not started up. She responded flatly, clearly, and quickly, "No." Here is my hypothesis for RYO as of right now: Unsecured noteholders have (almost) as much to lose as stockholders. Secured noteholders have the first lien on kemess, but maybe I don't understand what occurs in a liquidation. Who cares about anything in this company except kemess? Thus I conclude that the interest of the unsecured bondholders is a debt restructuring of some sort. The question that I believe the fate of RYO lies upon is whether or not the unsecured bondholders can come up with the additional capital. I know what warrants are, but what are S and D?
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