If I'm not mistaken the 55%, 35% and 10% are all after debts have been repaid so taking the debt payments off just our chunk is not correct. The 10% for management is up to $700 million and again I believe this is after all debts have been paid.

I believe the initial plan before CCAA protection was for $135 million to pay off the noteholders. Investors were told (I believe) that they were basing it on 1 billion settlement and a 1-1.5 year time frame. I'm just guessing here but I think it was Tenor said why should the noteholders who are unsecured get 100% of their money when the debt on the open market wasn't bringing 100%. That is why they wanted CCAA so if the were to settle before an award it probably won't be for 100%. My guess is more like 60-65% will be offered.

If the percentages are correct and $700 million is after payments then we should be using 1 billion as a figure for a settlement. By the time the debt and costs is repaid to everyone at 100%, one billion will be get us around $700 million.

Our share base will increase because of the Chinese loan of $2.5 million convertible to shares at I think .40. This costs the Chinese $1 million to pick up 6.25 million shares. It was in the order that management options and bonuses would be taken into account when doing the MIP and it would all be part of the 10%.

What I'm getting at is that 55% of $700 million is $385 million. Our current share base is 365,417,719. Add in 6.25 million shares for the Chinese and you have 371,667,719 shares. This leaves us around a $1.00 a share.

Just my opinion!

JJ

JJ