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

To: JHP who wrote (17476)	1/27/2003 1:35:02 PM
From: kodiak_bull	Read Replies (1) \| Respond to of 206207

PGO is still falling. I wish it weren't so, but it is. These options on the company are getting cheaper, though, and somebody posted over on HTP that Atlantis has been sold to Sinochem. My gut feeling is, for those who want to buy PGO cheap, it's cheap now. Any bet on PGO is a bet on its survival.

To: JHP who wrote (17476)	1/27/2003 1:39:35 PM
From: aerosappy	Read Replies (2) \| Respond to of 206207

JHP, as much as I hate to say it, I am afraid that jim_p has been correct since he sold all his PGO shares on December 27 and December 30. The liquidity crisis at PGS will probably eventually result in a new structure. Such changes, in my opinion, will allow PGS to continue as a going concern but will entail the lenders getting control and any upside. This is only my opinion, and nothing from bondholders counsel has led me to this difficult conclusion. (I am a bondholder). The sale of Atlantis confirms that there is ZERO value in the common and preferred. Jens Ulltveit-Moe may be "in control", but I suspect that in a few months the PGS management team will be working for the bank and bond lenders, who will own substantially all of the upside after some type of arrangement or reorganization. Unfortunately now is time for us to give up the ghost and search out other profitable investments (e.g., RRI, OMG and others). Good luck to all! David