In Indonesia and elsewhere in the world, the Sinar Mas Group has left a "time bomb". At the New York Stock Exchange, for example, this time bomb is usually referred to as "the junkiest of junk stocks." The issuer is Asia Pulp & Paper (AP & P), a subsidiary of Sinar Mas now on the default list and since last March declaring itself unable to repay its debts. Recently, AP & P, the biggest promissory note issuer, has been delisted from the Ne