age nexbis article, page-7

Nexdollar,

Re the forex on receivables, I couldn't find the actual exchange rate used in translation for June accounts, but there is some indication in the notes (pg 67) that they can use an "average exchange rate", in which case they may have been able to apply a very favourable ratio to receivables compared to that which now applies.

They would have had to use a ratio of about 0.66 for translation in accounts vs 0.93 current in order to create the differential between June accounts and the receivables announcement. Look at a forex chart and you will see how they might have used the average in 2H09 to make things look considerably better than using the value that applied in June. I think another poster (vibemaster?) picked up on this at the time the accounts were issued.