Hello all,

Just a quick question. In all the affidavits we see on the bonholders side, I seem to just notice Carlos Mattoni of QVT funds, who represents $36 million or 36% of the $100 million outstanding bonds.

Is he speaking on behalf of the other $64 million too?

And i'm a little confused, at first I thought I read somewhere QVT had like $77 million of the $100 million in bonds, but is it now only $36 million?

The only reason I ask is I'm wondering what the other $64 million in bondholders want, and who are they exactly. Could it actually be Tenor that owns them, or one of their affiliates. Do they agree with what Mattioni is asking?

The other thing I find strange is that we sought $36 million from Tenor in the financing bid. Maybe its just coincidence, but isn't that the same amount that QVT and Mattioni hold. Or maybe we just really need the money, and Tenor can then negotaite with Mattioni and the rest of the bondholders about buying up their debt in the open market if they don't wanna wait. Hows 80 cents on the dollar?

Or if acting alone, is the $36 million of the bonds QVT owns enough to prevent the CCAA restructuring plan to go through if they are, in fact, just acting alone? I mean, at this point, if the tenor deal is approved, and all funds are drawn down whether immediately or over the next year or so, the total debt would be around $140-$150 million or so, right? Pretty sure at that point, if the other $64 million in bonds are ok just waiting around, or maybe accpet a higher PIK interest and some equity, we could emerge from CCAA without QVT's Approval (more than 67% approval without QVT)

This is getting confusing. Better go back in the dark and sit in my bed of manure.

Cheers,

FK.