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To: IndioBlues who wrote (54737)	11/14/1999 10:06:00 PM
From: Razorbak	Read Replies (1) \| Respond to of 95453

[Off-topic] Ditto previous note, Bill. ;-) MDR: B&W Spin-off, & Ch. 11 vs. Ch. 7 IndioBlues: Why not spin off B&W? Let it trade separately for whatever the market says it is worth, and free up the remainder of MDR to trade to its full potential? Great idea! Unfortunately, the market already says it has a negative net worth, so they'd have to pay someone to take it from them. ;-) As to the bankruptcy possibility, I would think a Ch. 11 reorganization would be far preferable to a straight Ch. 7 liquidation unless the claims really began running away. I agree 100%. From a practical perspective, B&W is worth a lot more to the litigants as a going concern in a Ch. 11 reorganization than in a Ch. 7 liquidation, assuming, of course, that the company is generating positive cash flow. I only used the Ch. 7 assumption to estimate a worst case downside for MDR. If they choose to file a petition, I am certain that they would choose Ch. 11. Can you add any thoughts from a legal perspective regarding the likelihood of B&W's litigants being able to pierce the corporate veil of the parent, MDR? Razor