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To: Gary Burton who wrote (86955)	8/24/2007 2:34:43 PM
From: Gary Burton	Respond to of 306849

re bzh--like some here--i was surprised at bzh's strategy to go to court---cross default clauses in bank loan agm't would trigger bank as well--although the std bank revolver agm't often has boilerplate stuff like 'material adverse change' which they often hang their hat on--so, in reality, the 4yr bank revolver is effectively a demand loan from the get go anyway. bzh was likely mainly worried about the bank's reaction as opposed to the bonds--bzh would most likely have disclosed all of this behind the scenes stuff with the bank beforehand--who knows, maybe the bank put bzh up to clarifying it? usual boilerplate in bond legaleze is that bzh is 1)required to file reports in a timely fashion and 2)give bond guys a copy as soon as filed with SEC----#1 might be the operative clause here--what's timely? dunno