Ann: Update of put option and loan repayment recovery, page-59

Jack a bit concerned that u r not a roaming free spirited musician but a Glaucus or law firm stooge!!!! The Glaucus report was shite.
The non disclosure by FW and Santalis CEO was shite. But the basic business model minus options, was laid out bear to see for all of us as were all their capitalization decisions and purchases.
What we could not grasp was the whole income expenditure risk profile. We relied on analysts ,the financiers ,major investors to do that. Blame rests at many levels .

As I said this maybe an unworkable model. The difficulty selling new lots, results in expense and risky put terms etc. It also increases likelihood of exaggeration of return and non disclosure to not discourage new investing.

I knew the basic model but thought this company could eventually not need that dependency as badly. I can see the path to getting to that stage is fraught now.

Time will tell.

It's not over.