I must apologize for being one of the driving forces behind this whole 10% debate.

I became angry over the reasons listed for the 10%. The concept whether put out by management or someone else that without the 10% they had no incentive to stay on to see us through arbitration is distasteful to me. I could have accepted it if they had just said they deserved it because of keeping us from losing the company to the note holders.

The deal of 35% to Tenor and 10% to management is probably the original plan when they proposed a loan of $135 million at 20% before we went into CCAA protection. I don't remember anything about managements 10% at the time but maybe it would have been done through options.

The deal just before CCAA was for 49% and a 20% interest rate so in comparison we are better off. The big difference is the note holders were taken care of in the original deal so how do they fit in now.

I've done some quick numbers and even if we go 3 years and get only $700 million I have us getting around .70 a share. At 1 billion we get just over $1 a share. Once the DIP deal is completed we should be able to get a better guesstimate. All my figures are based on 412 million shares and repaying all debt.

I agree it is time to move on.

JJ