The indenture for the 12%'s shows they aren't callable until March of 04. Even then they have to pay 1075 per bond. This means that rather than a blanket call through the trust agent they'll have to negotiate with each holder if they want to retire these prior to 3/04. Can't be done overnight, they need to get moving. Probably have to offer 1075 plus accrued interest to get it done....not cheap.