Thanks Rebel.

My operation went well but recovery is terrible. I was throwing up all evening from general anaesthetic. This morning is much better.

Back to your post.

In your summary of DG mail, you confirm everything what some posters including myself are saying about the Revolving Credit Facilities (C $150 million and US $50 million) and their covenants.

At list you are honestly admitted that you have no clue what the covenant entails or how it will effect CLL and you did not read yesterdays news release prior to e-mailing CLL .

I understand why you would not bode to read my explanation of the credit covenant (1.5 ratio of EBITDA to consolidated interest coverage) and problems, that this is creating for CLL to use this credit in 2009. After all I am nobody and I have no illusion about this.

Ignoring official DG frustration with the banks regarding this covenant express in the Feb5 news is clouding your understanding of this problem.

Exceptional disclaimer for Feb5 News as pointed out by some posters is the best illustration of difficult times we are in and is reflected in the CLL SP.

Let me put on the table one more time:

Due to 2009 covenant Revolving credit Facility ($200M) cannot be used since CLL has to show to the banks about $120M in earnings before tax (EBITDA) to be complaint.

This credit is not revoke it is "frozen" like I said in my previous post.

According to DG the negotiations to adopt (change) this covenant to today economical conditions are going no were. We all hope that recent "government rumbling" will help to resolve this problem.

Like I said 2009 is OK, but not being able to use this credit has implications for 2010. Remember 2009 interest coverage (about $80M CND) is paid by what is left from the $600M loan.

The original idea was that ALGAR will start contribute to the cash flow in 2009/10 and help to pay the interest charges. This may not happen.

Without the cash injection from whatever the source is CLL will not be able to make the 2010 interest payment obligations.

Some posters (including me) instead ignoring the problem presented some options (alternatives). I am sure management will have some other option as well. Surly $65 oil would solve most of these problems.

Until then we can keep the head in the sand or just be honest about it. After all this is about our hard saved money. Everything else is secondary.