from todays melbourne herald sun, page-24

Dudes, one thing you have missed is the force majeur that comes into play once a default occurs. Just because the debt is staggerred means nothing when it cant pay a currnet and due debt irrespective of the size. Thats why people for a $1000 take companies to court becuase if they they do then they are coceding the inability to pay debt sparking the breach of the lending covenets.

The drop in the US interest rates to many of you may be a welcome relief, however, the it is meaningless unless you are AAA and then you will still pay a premium. The banks want to make up for the losses they have incurred and one way is add a premium. Sorry to say this but the days of easy finance are over.

Expect to see other debt heavy companies to start feeling the pinch if they havent already down so.

Sorry to say this but CNP and MFS are goners, The value of the shares was based on the capitalised earnings derived from from the difference between the borrowing cost and returns. Since this is going to decrease considerable the value of the shares will also.

Remember financial statements nly show what management want them to show. Enron etc etc are the examples from which people dont learn.