the hedge, page-5

I think there is more to cancelling out the hedge than that. The precedent in Australian courts would agree the hedge is dead - Australian companies let the hedge with Enron run out since Enron defaulted rather than pay millions to cancel it due to Enrons default. But the question mark is US bankruptcy laws and their interpretation by a US court. If the court case was in Aus the hedge would be dead for sure.

I hope NGF buy the convertable notes but they have 2 competitors to out bid and limited $ to burn. I wish the other 2 bidders would just buy NGF shares and let NGF get the CN cheaply - they may end up doing just as well.

Tomu