quarterly report, page-25

Well Kate, that previous estimate surprises me.

I have to say, during the whole Portman/GWR battle, I thought you had some pretty good insight into the real happenings. But you are way off this time with pure wishful thinking.

Portman will just wait....and can afford to wait, until FAS hand them their stake. Portman are in no rush now. FAS is running out of options and management know it. The only real asset FAS holds is GWR.

Kiril.