very interesting announcement , page-15

Well isnt this an interesting choice that some people have!!!

Whether or not the noteholders would be prepared to accept would really I believe depend on how many notes they hold. I guarantee that there would be 200 people who would have already signed up to accept it (those with under 50 notes). God what a choice they have.....payment in full or take the risk and get less!

I wonder whether CS or any others associated with OCV are holders of the notes.

The real question will be will the other creditors accept the proposed offer? I would think it is a given that the PIF would accept. I just cannot see WC and JH rejecting it. Afterall CS and JH do have a history together.

In relation to the others I would not have a clue. However, I do have a feeling that some would prefer to see OCV collapse, thereby being able to pick up the assets even cheaper.

I thought there was some interesting things to come from the announcement:

* No dividends from Stella (makes you wonder - could CVC be attempting to essentially kill off OCV be withholding cash flow - thereby enabling them to pick up the remaining 35% @ a bargain basement price).

* Sale of Circle on Cavill and Q1 will only repay secured creditors

* No new businesses identified

* CVC can sue OCV, also Stella reportedly is not meeting its projections.


In my opinion regardless of whether or not the proposed offers are accepted, I would think the end result will be much the same.

There is no future going forward. After all the asset sales are complete.....what will be left as a business. I think it will bascially be nothing.



No dividends from stella