new announcement!!!, page-47

depthtrader,

now that you've sold out you've started to turn negative. I guess I can understand that.

But responding to your

'IMHO, the announcement definitely did say something new. First quarter results are now probably in the lower range of expectations rather than just possibly in the lower range of estimates.'

I'd say that market had factored in the lower range all along anyway. So the fact that the range has now been narrowed from 25% - 50% drop to 35% - 45% drop should imo be viewed as slightly positive. At least management has visibility now compared to Feb 09 when there was no visibility.

About the announcement ...

The earning guidance provided is roughly inline with forecast (ComSec) of 5.5c per share. With the macro environment showing signs of stablising and the fact that the company '... expects to begin the formal refinancing process in the next several weeks' and that it 'will be in place by the end of the year' is every encouraging.

I read someone here complained about the 7 months refinancing process. But if I were sitting on the BLY management team I personally would rather announce a 7 months long refinancing process and try to get it done as quick as possible (it's priority 1) rather than promising something shorter (e.g. 2-3 months) and then disappoint.