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Is It Time To End A Pleasant Day At The Lake?
I appreciate your work, but I'm not sure I follow the logic here. The details of the financing have been public since July 1. I agree that the subordinated portion is ugly, but if the package is so terrible what caused you to hold the stock from July 1 to now? The incremental information here is the quarterly results, after which the prospects for LAKE's survival seem much improved to me. In a perverse way, these results are a bigger positive for the equity in light of the financing, which is not news.
Of course gsterling is correct with regards to the rate on the senior loan, a 6.25% LIBOR floor is nonsensical.
Sep 15, 2013. 12:06 PM
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