CAI Valuation - comparison to peers, page-110

Yes thats something else I should have put in the comparison.

CAI - 70-80% of production hedged at ~2400 with hedges spanning 2.75 years
ALK - ~15% of production hedged at ~2800 with hedges spanning 1yr

If you believe re-finance is a high probablity, CAI is very cheap at the curent SP. Its just ALK is probably better value on a risk v reward basis. All this just my humble thoughts.

PS: Just on your comment along the lines "something needs to be done with the hedges" - when I spoke with DR about a month ago he said those hedges would need to be filled regardless of how the finances are restructured.