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Richard,

Although I can't give you a definite opinion on this offer, I will give you some of my thoughts on it since I believe there are probably very few WYN holders on this board that would follow these details.

It it my understanding that these preferreds are in fact part of those owned by Apollo and that Apollo would receive the funds upon the exercise of the rites by the shareholders.

I believe with the stock trading down where it is now, I certainly don't believe these preferreds are desirable by any means. Neither the yield nor the conversion price have any appeal to me. Thus, I didn't study it much further than those points. I really doubt if the rights themselves will have any value in a sale.

I believe Apollo would like to retain all of these preferreds in order to have a larger interest in WYN. As far as I am concerned, they are welcomed to keep them all, at least all of the ones I would be entitled to buy.
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