Big Bear Exploration BDX Message Board

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Gold/Mining/Energy : Big Bear Exploration BDX

BDX 178.71

-0.4%

Oct 31 9:30 AM EST

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To: Tupulak who wrote (64)	4/14/1999 12:54:00 PM
From: Glen Gordon	Read Replies (1) of 77

What are the odds that all of the claims from terminated contracts are valid? Wonder when they'll announce a sale of Blue Range properties. They should be able to get a good chunk of cash, but it will have to happen before June 30th. If the sell $100 million worth of property, that would cover a good portion of the bank syndictate debt and the debt from Blue Range to Big Bear. A portion of the lease obligations would go with the properties. At that point, Big Bear could kick Blue Range loose and let the rest of them fight it out in bankruptcy liquidation. Why would Enron et al want to do that? Wouldn't be worth it to them. The way I see it, the best thing they can do is hope Blue Range survives and agree to accept fulfillment of their Gas contracts over a much longer period of time. If they do, then I see Big Bear being worth around $1 to $1.5 per share (depending on how much property they have to sell to get $100 million).

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