dollarfastI think the BLY announcement may see a move down, and...

dollarfast

I think the BLY announcement may see a move down, and this could provide a bounce trade.

They have not refinanced yet and this extract from the ANN should be noted

"While the execution of the mandate and term
sheet establishes an agreed refinancing framework, completion remains subject to a number
of requirements, conditions and approvals. These include the sale of equity securities and/or
junior debt obligations and credit approval by each of the JMLABs as well as the other
participants in the bank syndicate. Given such risks and uncertainties, the Company is not
able to give any assurances as to when, or if, a refinancing and extension will be
consummated. Consistent with its past public statements, the Company’s goal is to complete
the refinancing or extension as soon as is practicable before the end of 2009."