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

To: Michael Bidder who wrote (970)	5/9/1998 9:37:00 AM
From: Al Cern	Respond to of 1706

I don't think Kemess would start up without the new financing. The time for the subs to take action is while they have control, which is now. If they approve the new financing, they return to their subordinated status. It is not a position that I would support as a bondholder. I would cut my losses now, but with the mess that this situation has become, and believe me it is a mess, there may be no way out for the subs, so buying time may be the only option. The creditors appear to be jockeying for position, so the next step, the big B, may not be too far away. Sincerely, Al Cern