"co-incidences"..?, page-92

Morning A

Hmmm...you make a reference to the past re Fortrend and say go review ann's Sep 2007 and 2008.

In this Sep 2007 ann we can see that $15 million in Fortrend was organisied as was $2 mill in convert notes.

Once the topic of the share and option dilution, SP depreciation and where has the money gone? has been raised, it's now stop focussing on the past and stick to the NOW.

This is not your typical selective style of choosing what suits to make your positive arguement for ESI whilst neglecting other relevant info that could be construed as negative ESI is it A?

Anyway, you are right, to tar MNM with the same Fortrend brush that ESI used in the past would be unfair. I mean, ESI's management history of squandering monies (Fortrends, SH's or others) in no way correlates to MNM's management style of reserving cash, taking shares for payment, etc. They are afterall completely different management teams.

Just because ESI blew $15 mill and the rest with little to no advancement of Coldry to commercialisation over a 5 year period doesn't mean MNM will do the same - does it?

Did that $15 mill ever get used for the 2,000 T test burn? Sorry, forgot myself, dwelling in the past again ;0)

OK - let's look at NOW then.

Firstly, I think it relevant to remind the "ra ra" brigade that there is nothing formal between ESI and IMFAMA at this stage - it is still, as I can see, a "in good faith" negotiation and "prospective".

To say that ESI has a CSI right now is incorrect. Sure it is progessing, but what formal documentation binding the parties has been released/ann'ed?

Anyway, all being well, the $4 mill deal will be done shortly.

So what would be my preference, Fortrend draw down facility for $10 mill at a 10% discount or a potential CSI with $4 mill in return for for 300 mill ESI at 1.3c and 300 mill ESIO for nil consideration.

Hmmm...considering that (and I am not sure what BR is going on about as I have yet to date find anything of a substantive nature referencing Monash and IMFAMA apart from the ESI ann - come on BR - what have you found champ???)...so IMFAMA being an unknown, ESI continuing to dilute shares and options, I'd be concerned with this deal until more was ann'ed.

Whilst I appreciate that Fortrend can take shares in exchange for cash and sell on market and create related SP issues, so can IMFAMA sell their 300 mill ESI (they are not escrowed) - CSI or not.

The fact that MNM management have struck a funding deal where it is at a 10% premium, full control over draw down and a history of not squandering SH money, taking low salaries and running the company on the sniff of an oily rag - I'm comfortable enough with the Fortrend facility in the hands of MNM management.

As always A, time will tell.

Cheers K