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Author: persistentone Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 35357  
Subject: River Rock Bonds Date: 3/22/2012 3:24 PM
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Do we have anyone here still involved with the River Rock Bonds? What about folgore or ytm? I got these out of the exchange offer they had late in 2011. I learned today that River Rock went dark with the SEC, and the only financial disclosure is now being done privately through their corporate web site. Does anyone have information on why River Rock went dark?

On one hand, that really sucks, and I question whether that is a good faith gesture. On the other hand, this is why the bonds trade where they do, and the credit risk looks better than the bond's pricing.

Does anyone have information on how to reach anyone at River Rock who will get on a phone and talk? I have never had them return a single phone call. The investor rep Don Duffy has never returned a single phone call.
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Author: folgore Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33894 of 35357
Subject: Re: River Rock Bonds Date: 3/22/2012 4:32 PM
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Hi,

More bad news?! I haven't heard anything new since the new bonds were tendered.

Where did you hear about their new problems with the SEC?

It's a real pain finding any current info on these guys! Nothing on Google; somewhat more info on Yahoo. But nothing new just yet....

Tell me if you find anything!

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Author: persistentone Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33897 of 35357
Subject: Re: River Rock Bonds Date: 3/22/2012 5:59 PM
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Search River Rock SEC on Google and that brings up the SEC news distribution site they previously maintained:

http://phx.corporate-ir.net/phoenix.zhtml?c=147965&p=iro...

This contains the embedded remark

"Since we are no longer SEC regulated, we are managing the IR page internally through our casino website. "

http://www.riverrockcasino.com/index.php

Lovely. All Indian casinos are just lovely.

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Author: folgore Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33901 of 35357
Subject: Re: River Rock Bonds Date: 3/22/2012 7:40 PM
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Thanks for the links! It was disturbing to note that they haven't published an annual report since 2008! (I really should've noticed that before I put my money into their bonds....) I guess we'll know better where we stand when the next interest payment comes due in May. If they pay up, no point in looking this gift horse in the mouth. If they don't, I'm sure we'll see some sort of bondholders' action initiated at that time.

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Author: persistentone Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33912 of 35357
Subject: Re: River Rock Bonds Date: 3/23/2012 5:02 PM
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One of the things I hate most about this company going dark with the SEC is that they now have no supervision for buying back bonds. They originally promised to use any EBITDA over some threshold to buy back bonds. Without supervision that can be easily corrupted. For example, some related party could buy bonds here at a discount and they do a private transaction to buy back just those bonds. Then - oops - they forget to "disclose" that fact. And if there is no regulation at all, what stops them from buying back related party bonds at full par value, siphoning off still more profit.

I'm not saying they will do any of those things. I am saying I don't like being in a position where I have to trust them. They are not tier one in anything.

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Author: folgore Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 33915 of 35357
Subject: Re: River Rock Bonds Date: 3/24/2012 3:55 PM
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Did they ever give an explanation why they broke with the SEC? (Were there any press releases about this?) At this point, the rating agencies won't give them any rating. How can investors put money into their bonds with any degree of confidence? I'm surprised there hasn't been a more precipitous decline in value.

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