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Gold/Mining/Energy : American International Petroleum Corp -- Ignore unavailable to you. Want to Upgrade?

To: DRRISK who wrote (9637)	4/1/1999 9:15:00 PM
From: Razorbak	Respond to of 11888

Altman Bankruptcy Predictor Calculations, Rev. 1 Doc: Here are my revised calculations, incorporating the latest data from today's K (#reply-8665735). There was a slight up-tick in the Z-score, from 0.14 to 0.62, due primarily to a lowering of the outstanding debt in the 4th quarter. Despite the slight up-tick, the Z-score is still well below the 1.8 threshold for the "near death" category. IMO, the gravest indicator of financial distress is the $4.9 MM of negative working capital, which alone may have led the auditors to issue their going concern opinion. JMHO, of course. Razor

To: DRRISK who wrote (9637)	5/17/1999 11:46:00 PM
From: Razorbak	Read Replies (1) \| Respond to of 11888

Altman Bankruptcy Predictor Calculations, Rev. 2 Doc: Here is Revision 2 of the Altman Bankruptcy Predictor calculations (#reply-9576514). Revision 2 incorporates the latest data from today's Q. Please note that the AIPN Z-score has now actually gone negative, due primarily to a reduction in the X4 and X5 financial ratios (i.e., MVE/BVTL and TS/TA). Quite interestingly, the only ratio that showed any relative improvement from the YE98 numbers was X1 (i.e., WC/TA). Despite this improvement, however, net working capital remains negative: <$2.20 MM>. Finally, please note that the AIPN Z-score is now well below that of both Forcenergy (NYSE:FEN) and Hurricane Hydrocarbons (NASDAQ:HHLAF) when these two oil companies sought bankruptcy protection through their respective court systems. References: 1) FEN: #reply-8462255, Z = 0.11, BK 3/22/99. 2) HHLAF: #reply-8680930, #reply-9546976, Z = 1.18, BK 5/14/99. Just my little contribution to the thread. Obviously just my opinion, too, of course. ;^) Your pal, Razor a/k/a Court Jester tribune-chronicle.com