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Gold/Mining/Energy : Thermal Control Technologies Corp TCT (was Redux Energy) -- Ignore unavailable to you. Want to Upgrade?

To: Tupulak who wrote (1079)	9/24/1999 9:51:00 AM
From: farmerBill	Read Replies (1) \| Respond to of 1208

I very much hope a recapitalization will happen really soon. The company has $10 million in debt, $7 million of it the debs. With the factory sold, the only hard assets are specialized production equipment, not easy to sell. Suppliers and customers must consider tct risky to do business with. I assume this is why sales are fading. I can speak for about 10% of the debs, and ownership of the rest is fairly concentrated. I hope the company will approach us with an offer to convert to shares at a market related price, since a revised balanced sheet with this $7 million in debt now equity would look a lot better to suppliers and customers, and help keep tct a going concern. It would also help raise fresh equity, as there would less in front of the guy writing out the cheque.