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To: Oeconomicus who wrote (11259)	7/12/2002 7:28:35 PM
From: Eric K.	Read Replies (2) \| Respond to of 11568

Re: it is far from certain that BK is inevitable, much less that BK would necessarily wipe out the current shareholders. Are you smoking something illegal? The debt is trading at $.15 on the dollar. Guess what that means? The bond-holders are placing the value of the company at ~$6B post liquidation, debt->equity swap, or whatever ends up happening. There is no way in Hell that post-bankruptcy the stock-holders will be left with anything (caveat : maybe they will be allowed .01% of the company if a debt->equity swap instead of a fire-sale is the final outcome). If you think this company has a prayer of surviving in any form, you should buy the distressed debt, which would still give you a 600% return IF the company is actually worth as much as the debt (which is, of course, highly doubtful). On the other hand, just grasping at fleeting wet-dream scenarios to avoid having to mentally write off your investment in this company is a long-term-futile exercise. Regards, Eric K