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To: KyrosL who wrote (22615)	3/20/2001 10:20:52 AM
From: Jon Koplik	Read Replies (1) \| Respond to of 29987

You sure about $2.9 billion (face amount) of G* debt ? You talking all creditor claims included (for example -- Loral and Qualcomm stuff), or ... Those 4 issues of bonds only ? Jon.

To: KyrosL who wrote (22615)	3/20/2001 10:24:23 AM
From: Jon Koplik	Read Replies (2) \| Respond to of 29987

Kyros - I assume you did not mean $170.00. Jon. eom.

To: KyrosL who wrote (22615)	3/20/2001 10:51:59 AM
From: Rocket Scientist	Respond to of 29987

<<The ratio of bond to stock market cap is less than 2 to 1. G* stockholders are extremely optimistic and/or G* bondholders extremely pessimistic. >>[ vs PSIX, for which the ratio is 15 to 1] Interesting analysis Kryos, and the market in this case is acting quite rationally, it seems to me. I don't know much about P6, but assume its b/h will receive a decent recovery and the s/h nothing. After all, P6' assets are on the ground, are generating substantial revenue and surely have considerable value, even if not sufficient to fully service the debt. And to my knowledge, the P6 equity holders can probably be kissed off with impunity In G* case, the b/h have to make a deal with the e/h or everyone will lose....b/h will be lucky to get a penny on their dollar vs today's dime, if they force the company into an auction situation. OTOH,even if they make a deal with the e/h, based on a new BP, there will be a significant chance that the new BP won't work any better than the old one.