Big Bear Exploration BDX Message Board

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Gold/Mining/Energy : Big Bear Exploration BDX

BDX 177.30

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9:30 AM EST

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To: Tupulak who wrote (68)	4/20/1999 10:29:00 AM
From: Glen Gordon	Read Replies (1) of 77

Curtis, I'd say that Blue Range will be cut loose is a given. Big Bear will get $13 M from the sale to pay off bridge financing which will leave them with $8 Million in debt and some properties to service the debt. Banks will get their money (never a doubt of that). The big remaining question revolves around Big Bear statements regarding the validity of the claims by Enron et al ($81 Mil+). they sated in every press release that they are no convinced these claims are valid. The way I read it, there will likely be some money left (let's say $25 Million) from the sale of Blue Range Properties. If Big Bear can have the contracts declared null and void (for whatever reason - perhaps they assert that they shouldn't have to honor the contracts as they were misrepresented to Big bear by Blue Range during the acquisition). If the contracts are not valid, then Big bear ends up with a good chunk of cash with which to pay off debt and/or try another acquisition.

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