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Strategies & Market Trends : Anthony @ Equity Investigations, Dear Anthony, -- Ignore unavailable to you. Want to Upgrade?

To: David Petty who wrote (44098)	9/3/1999 6:50:00 PM
From: Rajiv	Read Replies (1) \| Respond to of 122087

PBYP has defaulted on it's $31,000,000 in Senior 8% subordinated Debt. IMO this is partly incorrect. PBYP has defaulted for the 8% Convertible Debentures/Subordianted Bonds (principal of 15 million and not 31 million). As far as I am aware, it has not defaulted on the Senior Credit Facility (31 MM). However, this credit facility has expired on July 31 and has been extended till Oct 15th. The terms of the Credit Line and the Debentures will probably be renegotiated (shareholders likely to get screwed). Regards, Rajiv