Friday, December 14, 2007 2:39:13 PM
1. the loans were just made few months ago
2. they already accepted amendment no. 1
3. what will get get out of TOUSA if they decided to force TOUSA to file Ch. 11 by declining this amendment no. 2 now? TOUSA has the first extension until end of Dec 2007.
4. Why not take the money (0.25% of loan amount as amendment fee) now and decide on what to do a month later? It's like a free money!
The real question is why TOUSA is offering Citi $$ to buy a month of time? If TOUSA is going to file for Ch. 11 soon, would the bonderholders be opposing to this offer so no cash is wasted? I tend to believe that there is a good chance that TOUSA is making a deal with bondholders without Ch. 11 but need more time to get this deal completed so TOUSA is buying some times on Citi's loans. Citi probably knows more than we do, so if they accept this credit amendment no. 2, I believe we should hear some positive news before Feb. 1 2008. Of course, all are my speculations! JMO!
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