Ann: Response to Aware Letter, page-100

Market cap is meaningless without the actual cash to back it up.

The assets in the company is what the Administrators are interested in.

Cash and other Assets (such as your Graphite assets).

Cash - you can presumed it is nearly gone (you don't call in the Administrators if you didn't have a cash flow problem).

Graphite Assets - its valuation at the moment is subjective - its really down how much bidders (through competitive bidding) are prepared to pay.

It could be worth a lot or very little....to see an example of how quickly asset value drop, have a look at SGH and its purchase of Quindell assets in the UK (lost about 2/3 in value, in a year) or RIO's purchase of Riversdale.

Given the situation that TON finds itself in, no one is going to do TON a favor by offering to buy it at a premium price.

JMHO.