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Gold/Mining/Energy : Royal Oak-RYO -- Ignore unavailable to you. Want to Upgrade?

To: JERRY GACH who wrote (792)	3/22/1998 12:56:00 PM
From: Thomas P. Talbot	Read Replies (1) \| Respond to of 1706

Jerry, the announcement that they were not in default (in response to the unauthored DLJ Bloomberg internet announcement that they were) was on February 24, 1998, three weeks before the default announcement on March 17, 1998, not the 48 hours to which you refer. They could not let this go over Bloomberg and not respond. They could not respond we are not now but will soon be. The firmness in price refers to the unsecured bonds which have in fact rallied from a low of 55 about the time of the DLJ rumor. The default has now been announced and the bonds are at 62, near where they have been for quit sometime. The co is negotiating with the institutions and bondholders and the bond price is not reflecting a panic which could indicate a Chapter situation. The bond specialists indicate the bond mkt is a much more informed mkt than the equity mkt.