Zeev's Turnips Patch-No Politics (ZEEV)

[south louisiana]

Augie - the bond exchange is primarily the '04 and '21 convertibles. The schedules filed today, available from the Mirant website give details. The prices are available from http://www.debttraders.com. What a ride this is. The inability of the unincluded bondholders to get an injunction stopping the exchange was, I believe, the more significant recent news. The interestingly-timed announcement of the so-called default for non-filing of the 1st qtr results is nothing and will obviously be cured within the grace period. Still a bet against bankruptcy, with next Wednesday's deadline coinciding with a likely FERC ruling on California matters shortly upcoming. BOL