No. of Recommendations: 1
I believe we got some good news. Go to the attached link and pull up the Nov 2 press release.

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

Holders of over 60% of the bonds are working out a deal to replace our bonds with new ones and to subordinate some other bank debt. So we end up at the top of the heap.

This casino has plenty of cash flow to service the debt. They are hopeful to retire all of their debt in the next 4-or-so years so the cash flow can service the tribe. Overall, they are being quite honorable (IMO) in that they could use their tribal rights to duck out of their obligations.

ron
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