Fortress Global Enterprises Inc - Class A FTPLF

Next Steps

[Contrarian333]

Here are a couple of possible scenarios for further balance sheet improvement for your consideration.  You can bet something is going to happen because the Company will want to get the full 5 year extension on the IQ debt and they only get that by doing something.

1.  converts exchange their bonds for a new lower coupon, longer maturity secured bond and perhaps the significant convert holders backstop a "raise" of an incrmental $10-20m of bonds.

2.  convert holders cut their own throats and don't play ball and the Company raisies secured debt through a subsidiary - perhaps with an allowance to buy back some $$$ of converts.

[HCI_STEEL]

Why would we accept a lower coupon rate when we just demanded the 7% to 9.75% (when they offered 8%).  If a company screws around as much as they have, sometimes cutting throats happens. We basically were given the same argument with Twin Butte Energy. And as far as fairness opinions, I give them no weight because they come from companies PAID by the company itself. We've seen these guys

[Contrarian333]

Because you would get a secured bond and the price of the bond would trade higher as a result. You wouldn't get a vote on option #2.  Your security position would be potentially further compromised.  The larger convert holders would likely agree to some terms generally like I am describing.

[HCI_STEEL]

Secured by what....there is 105M ahead of us so bascially the bank/iq owns this thing. It only trades higher if it gets paid first from the assets and it wouldn't, although I recall IQ said something about being willing to be lower in the tier for futher financing. Looking forward to my interest payment June 30th. The window to do anything else pretty much closed, if they were going to pay

[Contrarian333]

read the press release again.