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Gold/Mining/Energy : Royal Oak-RYO

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To: JCgold3 who wrote (989)	5/22/1998 3:21:00 PM
From: scott	Read Replies (2) of 1706

as i previously posted, the bond holders did get a bunch of stock - 7% of the company. there will be dilution announcements in the near future as ryo will attempt to pay suppliers in stock. the bond holders will start selling this stock in 90 days. given the average volume over the last month has been less than 100,000 a day, expect the price of ryo to be trashed. furthermore, the bonds, even after getting 7% of the company, and a bump of 1.75% in coupon, are trading in the low 80s. if that is the case, what does the ryo equity owners know that the bond holders dont? do u still think that ryo is worth the price of paper it is written on? and another question, how will they pay the august interest payments? more stock? imho,this company will not see the new year. and re insider trading - you got to be kidding - all their wealth has been margined away. just like all of the other investors money. wake up!

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