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Posted by
BradyNet
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Thursday, July 8, '04
)
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Primo, from what little I read I got the impression that the main complaint is not from monetization per se, but from an almost 50% cut in real benefits implied by the low amount of money to be given. From a distance , it appears cruel, especially in the case of the aged, the sick, and the disabled. Any comments ?
RF30 90.5625-.6875 btw..
<pity this crisis is made by Putin & Co IMHO>
WHAT DO YOU MEAAAAAAAAAAAAANNNNNNNNNNNN!!!!!!!!!!!
We are in desperate need of a crisis!
http://www.utro.ru/peredovica/
Panasonic: for info.. MDM bond mkt now 99.5/100
this is a classic P&D operation
From what I see Leonel may be willing to pay coupons before and during negotiating a rescheduling and then may default later on old remaining bonds held by a tiny number of holdouts after rescheduling… however I can be mistaken and Leonel may decide to scare bondholders by delaying on coupons and leverage negotiating position vis-ŕ-vis creditors before entering any rescheduling talks. Am I wrong in my assumptions?
The San Antonio-based exploration and production company announced that a consent solicitation related to notes due in 2007 expired without a majority of bondholders offering approval.
Abraxas had budgeted $10 million for capital spending this year, but a strong commodities market and more cash flow means it can afford to spend about twice that much, said Chief Financial Officer Chris Williford.
"Abraxas is not under the gun," Williford said. "We did not have to do this."
But the company would need to pay a fee to bondholders as well as get their permission, Williford said, and they could not agree on a fee amount.
"For the benefit of all of our stakeholders, Abraxas determined that it just did not make any sense to pay that fee that they were asking us for," he said. "We can operate our business without getting that indenture amended, and that's what we've elected to do at this point."
The closing price of $1.30 per share was well above Abraxas' 52-week low of 82 cents last July. But it has gradually been weakening from a dramatic spike to $3.49 in early February after a tout in an MSN.com report on undervalued stocks.
The report noted Fidelity Investments vice chairman Peter Lynch's purchases of Abraxas stock and said "the stock traded as high as $5 a couple of years ago, before natural gas prices broke down, and it could well retrace its steps if the energy group stays strong this year."
As of March 31, Lynch still held more than 3 million shares of Abraxas stock, or about 9 percent of the company. >
WASHINGTON - In a bipartisan show of concern that the military is dangerously overworked, lawmakers said Wednesday the Pentagon (news - web sites) is stretching troops to their limit and perhaps undermining the nation's future force.
Amid worries the high level of deployments to Iraq (news - web sites) and Afghanistan (news - web sites) could discourage potential new service members, Rep. John McHugh, R-N.Y., said it was not reassuring that most reserve components were falling below their recruiting goals for the year.
As of May 31, the Army National Guard was reported at 88 percent, the Air National Guard at 93 percent and the Air Force Reserve at 91 percent of their goals.
"We're taxing our part-time soldiers, our Guard and Reserves nearly to the breaking point," said Rep. Ike Skelton of Missouri, top Democrat on the House Armed Services Committee. "We have to be aware that the families back home are paying a significant price. We don't want to break the force."
Added Rep. Duncan Hunter, R-Calif., the committee chairman: "We're also concerned that insufficient force structure and manpower are leading the services to make decisions that I liken to eating the seed corn. That is, in order to make it through today, we do things that mortgage the future."
The Army recently decided to deploy units that have been used to train other soldiers. Hunter also noted that the ratio of reserves to active duty soldiers in Iraq is increasing and he said he was concerned that troops are not getting enough turnaround time back in the states.
Defense Department officials testified at a committee hearing about troop rotations in Iraq and Afghanistan. The session followed last week's announcement that the Army was calling up soldiers who had already served in the Middle East.
Stretched by war needs, the Pentagon already had declared a "stop-loss" to prevent troops from leaving once they have finished their obligation.
The Army in April broke a promise to some active-duty units, including the 1st Armored Division, that they would not have to serve more than 12 months in Iraq. It also has extended the tours of other units, including some in Afghanistan.
Some lawmakers are seeking a permanent increase in the size of the military. But Pentagon personnel chief David Chu said defense officials can make better use of those in the service by reorganizing brigades, making sure uniformed personnel are not performing jobs civilians could do and temporarily increasing troops levels with stop-loss and other devices.
"I really think you're wrong," Rep. Tom Cole, R-Okla., told Chu.
Cole said the Pentagon is doing a superb job of managing it resources, but that "in the end, it does take people, and you are using people pretty hard right now."
"At some point there's a limit in terms of personnel, and I think you're there, Cole said.
Critics have charged that wide use of the stop-loss device and dipping into the Individual Ready Reserve amount to conscripting people to fight in Iraq.
For the first time since the 1991 Gulf War (news - web sites), the Army is forcing thousands of former soldiers back into uniform, a reflection of the strain on the service of the long campaign in Iraq, coming on top of the global fight against terrorism.
More than 5,600 former soldiers — mostly those who recently finished serving and have skills in military policing, engineering, logistics, medicine or transportation — will be assigned to National Guard and Reserve units scheduled to deploy to Iraq or Afghanistan, officials announced last week.
Members of the Individual Ready Reserve, perhaps thousands more are likely to be called up next year, the Pentagon said.
People in the Individual Ready Reserve are distinct from the National Guard and Reserve because they do not perform regularly scheduled training and are not paid as reservists.
They are eligible to be recalled in an emergency because their active duty stints did not complete the service obligation in their enlistment contracts.
As for the Miami Cubans, I hear that the irritation is mostly among the younger ones, the older establishment ones are still firmly pro-Bush. And it is a pretty old community, on the whole. Kerry knows he won't get all of the Miami Cuban vote, he just wants to nibble at the edges. He might succeed but it doesn't mean he will get the whole state. Most Miami Cubans see right through Kerry's pandering and know he's just trawling for votes, as far as I can tell. The other thing is, the Miami Cubans may be annoyed at not being able to visit their relatives, but if they see it as part of a steady strategy, they probably won't change their vote. What they don't want is a flipflopper who will do what the Davos crowd tells him to. Or worse yet, what the leftists tell him to. IMHO I think he won't get Florida.
Anyway, I dislike Bush but believe he will be reappointed by a rather ample margin.
<Ladronia will ask the International Monetary Fund to be excused for failing to carry out structural reforms it had promised to undertake as part of its three-year agreement.>
http://news.ft.com/servlet/ContentS...
Blood in US after hours stock market, specially tech
Pana, danny flom Rogue <Dal 8.3 '29 are 41-43 500k up. <Abraxas still working on getting color .
street has been quiet on the issue, want to initiate and show something?
There is no market. YOU are the market =)>>
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