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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: Wowzer who wrote (12788)	9/10/2002 11:06:10 PM
From: jim_p	Read Replies (3) \| Respond to of 206092

SI PeeGoo holders, The good news is that the bankruptcy risk (some of us never thought there was one), is now history and the market should respond positively to that news since the stock is still selling at bankrupt levels. The other good news is we now will have competent management and directors. I suspect the run up of 20% in the first hour today in Oslo was insider buying on that rumor in Oslo. The bad news is the possibility of 51MM new shares. I suspect the new shares would be issued in a rights offering, and that Moe intends to be a big buyer of the new shares. I also suspect that the rights offering will be north of $2-3.00 based on the knowledge that it will now be run by competent management with competent directors who have a history of turning around troubled companies and it that it will have new capital of $100-200MM??. The new capital will also be a condition to a very attractive debt restructure which will make the stock that much more attractive and the terms of which will be part of the rights offering. The other possibility is a convertible bond offering with a conversion price in $5.00 range??? The worst case is a private placement, but since Moe wants a controlling interest, he would not be allowed to take over the board and then sell the new shares to his group at distressed prices. I'd rule out the private placement idea. My guess is we get a convertible bond offering or rights offering??? Should be interesting to see how the market reacts in Oslo. BTW, Moe expressed an interest in buying the entire SI block of PGO today. The price was never agreed to, but it would have been at a premium to today's closing price in Oslo. Big Dog gets the credit for making the contact. Weshallsee!! Christmas is looking better and better. Heeeeeeehaaaaaaaaaaa!!! Jim