JES,

I agree with your thinking.

I was interested to see the note in the recent press release about negotiating with leaseholders. I have been thinking that although the mill and the mines are collateral, in this market the lenders probably do not want them, but would instead like to get there money back, but may have to accept that it may be a while before they do get it. If they took over the mill in default, who would they sell it to? A better approach for them might be to help keep LBE afloat by not calling the loans and instead make beneficial arrangements for the future.

In this scenario of course, those lenders have tremendous leverage.

Cheers,

Bluenoser