Ann: Administration and company update, page-10

If the PDN market cap stays low, don't discount John Borshoff mounting a takeover bid by DYL to regain his company. A takeover would seem to be the only convenient way the ad hoc committee can make some quick money out of this deal if assets can't be sold, although at an overall loss to them. In his promotion of the DOCA, Woods has already estimated that returns to creditors would be only a few cents in the dollar in the case of liquidation. Even a feigned takeover offer would kick the sp on a bit. Alternatively, EDF/Areva NewCo would be in a strong position to take over shares held by co creditors and achieve ownership of PDN. So far, even with recent announcements in production cutbacks, the spot price keeps falling back from mid $20s peaks. That seems to be the ceiling for the time being.