The Mosaic Company Message Board

I have read the indenture. There is no 30 day grace period. What concerns me is that I - and the other 40% - have not been contacted whatsoever by Suntech. If they want to make a good faith attempt to resolve the issue, fine, I'm all for it. There is even some doubt as to whether that forebearance actually occurred. How could this 60% just assume that nobody amongst the 40% would take issue? This entire matter seems fishy, so I just cannot take it on faith that Suntech will do the right thing. That said, if I could get some explanation, I'd feel much better. I know I speak for other bondholders as well.

Call the Trustee. Your broker should be able to give you the number

You have to file in State Court. Trust me, the other 40% are filing.

They did not get 100% approval. Either the bond trustee or separate counsel will bring an action for bankruptcy in state court. The lawyers will do well.

I've read in many places that Chinese banks have priority over the convertibles. Also, that the Chinese are simply not too concerned about foreign debt. Don't you think that whatever funds are gained by GSF will be funneled into other priorities than the converts?

Thanks for the info. Any thoughts on the fate of the convertible bond?

I didn't mean to imply that... I don't own puts, which I'm sure will expire worthless anyway.

I'm considering pressing my rights as a bondholder, so maybe I can drive this sucker down by myself. I think there's a reasonable chance the bonds are wiped out entirely, so that whatever can be salvaged goes to the Chinese banks and STP working capital.

Is the original conversion rate being used for the bonds? If so, each bond is probably worth about 60 cents. Or does it mean that the conversion is based upon the closing price of the stock on March 15th?

Foreign bond holders might indeed get nothing; as a bag holder myself, I'm expecting that ultimately I'll have to join a class action to recover anything. 10 cents might be lucky at this point.

Bailout story does not seem true. At least the banks are considering baling out STP. Of course Shi is screwing that up.

You got we with 30 seconds of false hope. Well done.

The bonds are unsecured, so that's not clear either.

They just settled the GSF issue. According to Barrons STP could receive up to 325 million. Oddly, the bond has actually sunk on that news. Like you said, the big players probably already knew. I have to agree with you, a .40 to .50 is the most likely. I'll take it, as I thought zero was a big possibility for a while.

Thanks

On the flip side, do you think there's a chance of receiving nothing?

What do you make of the fact that many 5000 lots have been purchased over the past few months?