MGM Mirage MGM reported fourth-quarter results that demonstrated the impact of the recession on its business. We continue to believe that the most likely outcome is that common shareholders will be left with nothing. The firm was able to reach a deal with its senior credit facility lenders that will waive its debt covenants until May 15. In exchange, MGM paid the banks $300 million, agreed to a higher interest rate, and agreed not to prepay or repurchase any other debt or to dispose of any assets without permission. However, the firm is allowed to make any necessary contributions to finish its massive CityCenter project.

7-out on the shareholders - uh - that's me and maybe some of you?