takeover thoughts, page-21

projectx,

spoke to Mathew Foran yesterday and asked the same question about why isnt the $$ from martabe and GG enough to buy out the banks that wanted out, and let the other banks refi the balance.

Well apparently some of the other banks (that were willing to refi) have decided that if we let the foreign banks that want out, out, why shouldnt they be allowed out too, we all know how tight credit is and apparently most banks would really like out. When I pushed him on the amounts that were required to satisfy all the banks that really wanted out now, he wouldnt give a figure.

It seems that this was the easiest and cleanest exit for all concerned, also it was at a 50% premium to last price, the board arnt happy with it, but in the circumstances thought it was the best outcome.

I dont agree that this is the best outcome for long term holders or for this country, and am determined not to sell out without a fight