Strictly: Oil and Gas Exploration Companies Message Board

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Gold/Mining/Energy : Strictly: Oil and Gas Exploration Companies

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To: Robert T. Quasius who wrote (190)	5/15/1999 3:09:00 PM
From: Mark	Read Replies (1) of 318

Robert - I can't fault your logic on Miller, and actually took a small position at $1 7/16, on the basis that I think your arguments hold water. (Particularly that the Miller familly are so close to things that they are unlikely to let it go under). As a highly-geared recovery play I think it still makes sense even at the current price. However, I will repeat the question that I posted over at Yahoo - i.e. what do you think is the likelihood of a dilution arising out of the current refinancing exercise? (FWIW - I suspect that the high levels of holding by the Millers preclude a significant dilution, unless they can find a way to preferentially inject the cash and take a pro-rata interest in any new equity - thereby avoiding any dillution to their interests, but possibly hurting other longs). What do you think ? Mark

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