Civi, I've been very busy lately and haven't been here.

I think many of us have done this exercise already and that is why we are still here. Most of the numbers are available but some have to guesstimates. I believe you $500 million will be low. I've said for a long time if all were going to get is $500 million they may as well reach a settlement before tenor becomes eligible for their 35% which happens after we win the appeal.

Debt: noteholders plus tenor plus china rail. no matter how you cut it we are looking at close to $150 million now and $200 million when settled at the end. I don't think taxes will come into play much since we have already written down close to $500 million in losses.

Worst case using your $500 million is after debt is 300 million left. Tenor gets $105 million and management gets $30 million leaving $165 million.

The comment about warrants and options should take the share base to around 370 million with income from exercising them. This means about .45 a share.

I personally think we end up with a minimum of .60 but more likely a buck plus. Yes my glasses are rose coloured.

JJ