marion's producation data until dec 08', page-35

Hi kiwikarlos

I think you are missing the point. The director options expire in 1 month. This is not about getting the best returns for us, but for the Directors. I have said all along that I'm just going for a ride on the back of the Directors. Believe me, if they look after themselves, we'll go along for the ride.

Now I agree 100% with what you are saying re delaying the sale, but it's just not going to happen. I believe they are committed along the sale path. GS will expect say 5% of a min value $US400m deal, or $US20m, Marion can only afford this if the sale goes through. Also Marion's financiers would have put up the money based on a sale, not for becoming a producer! For sure, directors will probably have to exercise their options, but their financiers will only look at financing this based on a near term sale.

Marion will need funds to see them through to the end of the sale. I presume they are looking at a 3rd financier (as per Qtrly) to reduce costs by way of upfront fees & options issued (as per fortis deal). If they for example raise $10m, this will only be dilutionary if they spend it all.

They certainly don't want the balance sheet to look too weak during the GS sale process.

Re getting production going again, if they are, why not. If you are selling a house you don't stop mowing the lawns because it's up for sale.