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Strategies & Market Trends : Market Gems:Stocks w/Strong Earnings and High Tech. Rank -- Ignore unavailable to you. Want to Upgrade?

To: SAMS BONE who wrote (51244)	7/19/1999 2:39:00 PM
From: Joe Hoek	Read Replies (2) \| Respond to of 120523

Sams, ATHM - MF out? RMBS MF in? Hmmmmm maybe MY quoutes are wrong then. ATHM up nicely, RMBS down almost 10%...

To: SAMS BONE who wrote (51244)	7/19/1999 2:40:00 PM
From: Ellen	Respond to of 120523

IRID: Monday, July 19, 1999 Vol. 5, No. 138 Grace Period Invoked Iridium LLC [IRID] surprised no-one by invoking a 30-day grace period to meet a $90 million interest payment due on its $1.45 billion outstanding senior notes Friday (7/16). The grace period, which is allowed under the terms of the notes, will give Iridium a precious few days in its continuing efforts to renegotiate its loan agreements with creditors and investors. Any revised agreement would presumably require creditors to accept less than full value for the Iridium bonds they hold. Attempts to finalize a refinancing remain unfulfilled due to differences between equity investors and bondholders about how much each side should concede to the other in any workout arrangement. Motorola [MOT] already warned it will not invest any additional money in Iridium unless Iridium's other creditors follow suit. Iridium's new deadline to reach a refinancing plan is Aug. 11. Unlike past months when Iridium persuaded it banks to delay required interest payments, bondholders will need to be paid Aug. 11 and a new refinancing agreement will be required to prevent an Iridium bankruptcy. But analysts are convinced Iridium is nearing a Chapter 11 bankruptcy filing. "We believe that Iridium and its creditors will approach Iridium will be filing a Ch.11 restructuring," said Marc Crossman, vice president at J.P. Morgan. "That means Iridium will have to restructure their capital — so all the debt gets converted to equity." telecommweb.com [daily link - info changes each day]