at the end of july...in 2 weeks...., page-12

I joined the IMF action suit (Still very very very glade i did)

This is from a letter from IMF

Challenges for MFS
The following significant matters represent more than $1 billion of claims against MFS:

1) The proposed MFS shareholder action funded by IMF (say, approximately $50m).

2) The Public Trustee of Queensland (PTQ) has commenced a winding up action against
MFS Limited alleging a default event triggering immediate payment of $349m of listed
notes. The case is set down for hearing on 9 and 10 September 2008 before the
Supreme Court of Queensland.

3) The PTQ action has caused $100m of MFS bonds, managed by Challenger Managed
Investments Limited, to be immediately payable. A hearing regarding additional
bondholder guarantees is set down for 21 July 2008.

4) OPI Pacific Finance Limited, an operating subsidiary of listed New Zealand company
OPI New Zealand Limited which is 38%-owned by MFS, has advised MFS of a
A$270m damages claim. It is alleged that MFS breached a loan management agreement
with its New Zealand associate

5) The Premium Income Fund (PIF) (under new responsible entity management) is
claiming $147m in damages against MFS Limited and a subsidiary relating to
investments made by PIF. It is also seeking to call upon a $50m contractual agreement
for financial support to PIF investors.

6) The Australian Taxation Office has demanded $60m in unpaid income tax and interest
charges for the year ended 30 June 2007.

7) National Australia Bank has demanded repayment of a $40m guarantee supporting a
loan facility to former associate, MFS Living & Leisure Australia.

8) The unsecured creditor claims noted above total over $1 billion.