Prezone it isn't a matter of bashing management, it's about perception and judgement. In the scheme of things I suppose $150,000 isn't a large sum of money compared to our monthly expenses.

One of the places I agree with the noteholders is our burn rate. Salaries, rent, contracts with companies having ties to management, etc. These are the things that bring his decision to take the $150,000 bonus in the face of us going bankrupt as poor judgement.

Except for Marshall there hasn't been many directors who have bought shares on the open market. They are risking options that they were given. Some of these options were in place of salaries but the amount of salaries are still pretty high.

There is the question of why we need Marshall and Boltz. Cutting costs should be a basic job of a company facing bankruptcy. There are lots of other questionable things listed on the creditor list. There are lots of employees listed as being owed money but I don't see Fung or Oppenheimer on the list.

I see on the list the Hockey Hall of Fame where the AGM is held. Is this bill for the AGM in June? If it is then what the hell are these guys doing?

It is pretty clear I'm not a fan of what the noteholders want to do but I have said that they do have some points about expenditures. Unfortunately we need the current management for the arbitration case should we get the financing completed.

Fung's affidavit tells the story of fighting for everyone not just the noteholders. I doubt it is as simple as that. By keeping the status quo management also stays on the gravy train. One of the comments by Fung deals with keeping people who can help the arbitration case and would they help if not employed. Sounds like a kind of threat.

My bother in law may have said it best when he quoted Mel Brooks from Blazing Saddles when talking about Kry management.

"We have to protect our phoney baloney jobs here, gentlemen!"

Before anyone jumps on me for being negative let me say that isn't what I'm doing. I still believe we will get through CCAA and arbitration. Fung is fighting for us but I'm not naive enough to believe it is out of the goodness of his heart. This was driven home for me by him taking the $150,000 bonus when there are so many people and companies on the creditors list that would have liked to be paid.

This is why I think Fung made a poor decision taking the money!

JJ