wonder how many cornell notes left, page-2

Well I've tried to figure it out...so here goes if anyone is interested.

Total shares issued to Cornell since 15 May 06 is around AUD$7m or roughly USD$5.7m. (I've checked every 3B and the $7m doesn't include shares issued for fees.)

The starting loan was US$3m + US$2.1m + 8% interest which I estimate at about US$0.75m to date. This would give US$5.8m.

Hence one would assume it is very close to being been paid out.

However if you are to believe their financials they imply that the outstanding notes to Cornell as at 30/6/07 is US$3.7m. From that date I have them issuing AUD$3m in shares or roughly US$2.6m. So this would leave about AUD$1.5m outstanding which includes some accrued interest.

Which scenario we're supposed to believe is anyones guess but they have definately issued about US$5.7m in shares to date. Perhaps the starting loan was US$4m + $2.1m.

Whatever the case I would say the amount owing lies somewhere between US$100,000 and US$1.45m. Cornell have definately been cleaning up with the shares issued since September07.

They may be holding LFE to ransom in that they have the rights over the assets until the debt is repayed hence the possible reason for delay with Kedrion. The worry is that no one is supporting the share price !

Regardless, I decided top up a small amount on Friday. Could be a fools move. Time will tell.