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To: steve harris who wrote (40069)	3/16/1999 7:15:00 AM
From: Razorbak	Read Replies (2) \| Respond to of 95453

FLC I can't wait to see details of their next financial statement. That should tell all. Razor

To: steve harris who wrote (40069)	3/16/1999 9:56:00 AM
From: dfloydr	Respond to of 95453

You are right. Bond holders come ahead of shareholders. But without some funds coming in to meet these the needs this year and next ... FLC will be in liquidation. And in liquidation the shareholders usually get zip any way. Company claims that once these needs are met they should be generating good cash flows. If true, over the next few years this would allow repayment of debt and leave shareholders undiluted. If they used equity, present shareholders interests would be diluted substantially immediately. I wonder, has anyone been able to confirm that this bond issue is the plan?