To: Joan Osland Graffius who wrote (48910 ) 8/3/2002 5:41:18 PM From: KyrosL Read Replies (1) | Respond to I have researched MIR for sometime and think its management is honest, but, of course, you never know nowadays. There are some attacks on Yahoo on their CEO, but I think mostly because she is a single woman (you know, "the lying b*tch dyke" and such.) You can get a feel about the management by listening to their latest CC, which is on their web site. I think the lawsuits are without merit. I haven't researched their insurance coverage with regards to lawsuits. They are restructuring, essentially selling every non-strategic asset they got, because since Enron the rules for power producers and traders have changed drastically. Their debt to equity was 1.87 when Enron hit. It is now 1.37 after they issued $700 million in stock in the mid-teens, sold $1.6 billion of assets at a little above book, and issued a $370 million convertible recently at a conversion price of $7.58. In their latest earnings release, they announced a further $700 million to $1 billion asset sale, which will come from selling a UK transmission and distribution minority interest they hold, and a $500 million debt buyback. They are trying to get their debt to equity below 1.0, the new magic number for investment rating at Moody's in this field.
