bly's new announcement, page-20

ok guys, i'm out, sold at 15 after the ann. complete disgrace imo.

let me reiterate a few points i've raised in previous posts.

1. how the f%$% can it possibly take 10 months to refinance a measly $600m of debt?

2. IF they are able to refi, and the mood of today's announcement was not optimistic at all, then bly will get absolutely f$%ed by the conditions. margin will probably go up to 1000 basis points, no dividends until debt repaid, and a hugely dilutive capital raising. i note there was an emphasis on refinancing on 'satisfactory' terms which indicates that the banks already want to screw them.

game over boys. move on while you can.