Ann: Appointment of Voluntary Administrators, page-24

Hey Klue, firstly mate, massive commiserations on this one. The management is quite possibly the worst ever at M8. A few days before the announcement of the administration, our little Thai mate was running around Perth trying to borrow $11 million, word is the money has been turned off from Thailand. The administration was brought about by the failure to repay the Remagen loan and it made complete sense to call the loan in, the loan was secured by first mortgage over a 99% completed landfill and Maddington. They both need work but Remagen will be the new owners. I am completely at a loss to know what Rudas did with $50 million, Maddington is full, Gingin isn't finished, where did it go ? The Thais have made a huge mistake backing Rudas and his M8 dream, its cost them a small fortune. I very much doubt shareholders will see anything from this, Remagen will sell the sites to recoup their investment, administrators will take the rest. Rudas is finished after this, he wouldn't ever get into a local authority job. Laundering has been mentioned.