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Gold/Mining/Energy : Royal Oak-RYO
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To: Al Cern who wrote (926)4/16/1998 9:13:00 AM
From: scott  Read Replies (1) of 1706
 
as i said, equity holders must be in the land of oz. i am very familiar with what is happening. bondholders will get a coupon bump(ryo has offered 50bps but bondos want more), and a share of the equity (10 to 20%). these bondholders know that they r in the drivers seat. the story in the paper fails to mention that they have been at standstill for 3 weeks now. if ryo had 51% of support of the bondos, this deal would have already closed.
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