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Gold/Mining/Energy : Royal Oak-RYO
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To: Michael Bidder who wrote (1603)1/28/1999 6:24:00 PM
From: Al Cern  Read Replies (1) of 1706
 
Before Christmas the 9 mo. report listed recoveries that were about 50% of what was planned, and what I was using to calculate potential revenues. So it's really not new news. If the problem can't be solved, the subs will end up in the same position as the equity holders, with nothing. The equity has been worthless for over a year, now it's the debtholder's turn to sweat. Might not look so good on Trilon either. Anyone that thinks that there will be some kind of consensual agreement here is dreaming. It is going to get real nasty at bondholder meetings. Shareholders have nothing to meet about. With the volume traded you could do very well shorting this sucker now.

Sincerely,

Al Cern
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