Hi Lopezian

Your calculations are not correct.

When you look at the HYPOTHETICAL model it is just that and is used to show how the agreement works.

I don't know the actual figures but lets use their figures to look at what they are suggesting.

The total recovery above what we would already be getting assuming Tenor and Fung don't try and take every dime we have is listed as $650 million dollars.

The share total is 365 million and the fully diluted is 417.5 million. There is not going to be 417.5 million since many of these shares over the 365 million are warrants that have expired. I doubt the figure will be above 370 million fully diluted.

The $58,389,500 figure only applies to the approximately 10% who are currently opted in. You get 14 cents by dividing this number by the fully diluted number of shares. What you need to do is divide this figure by the 10% of the opt in shares instead. 

For this example that number would be 36.5 million shares which is 10% of the outstanding shares. Take the same $58,389,500 and now divide by 36.5 million shares. The correct figure would be $1.599 a share for the opt ins not .14 a share. 

Remember this is after paying Gowlings their 9% fee.

So the question becomes why would anyone not opt in under this example if they have a chance to recover $1.60 US above the current .30 US we currently are getting?

It is apparant that to get this type of claw back we have to show the judge that there are hundreds of investors who have been lied to and screwed over. It is important to show the judge this action is not just 8 shareholders who are unhappy but hundreds who are unhappy and feel cheated.

It is easy to walk past a guy with 20 million shares who is unhappy but much tougher to walk by 200 people with a total of 1 million shares. Newbould needs to know that this isn't about some unhappy rich guy but hundreds of small investors like myself who are effected by his decision. Many of these small investors may still be working because of what Fung and Tenor have done.

Our strength is in the number of injured people rather than the amount of shares they own.

JJ