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

To: Al Cern who wrote (801)	3/22/1998 6:58:00 PM
From: Thomas P. Talbot	Respond to of 1706

You may be right that they had some guess but didn't know. If they did know it would have been more advantageous to come forward then and tie up the whole package than come back to the market place. I think asking to get everything now, as they are, is a proper approach. An extra 50-60 million should do it as they will have other monies coming over the next few months. I think you like me are disconcerted with what seems to be negative surprises followed by reassuring action. Remember the press release re the co being valued at a 46% discount to Kemess when the stock was near two. The poison pill announcement also gave reason for hope and the stock price appreciated by 50% following the announcement. To believe mgmt KNEW the company was in dire straits and took these actions anyway is hard to believe. Based on what has happened they must be more worried about receiving full value.