financial position administrators provided, page-8

Hi Reglone,

Ask yourselve where did the $63,620m in Sundry Debtors (including inter-company loans) book value came from. When you look at the Annual Report '08 Balance Sheet there's nothing to compare it with.

Other than this number being from current year activities, from 1 July '08 to 19 March '09, it's a re-booking of the $41,352m (inter-company loans) zero out in the AR, note 26, and the balance of $16,409 left is in all likelihood further transactions/loans to subsidiaries for the current year. The VA see's the amount of $57,762 being un-recoverable/unrealisable. VA only see's $5,858, trade debtors?, as being recoverable/realisable.

Contingent Liabilities is what the VA see's within his guidelines points 3.3 and 3.4; and since there were no contingent liablities in the AR report, notes 23b & 24 of the AR should fall within his guidelines e.g. leases pay out? etc.

Hence, Subsidiaries freed of parent debt, Rebecca's article Lay-offs hit Ventracor

infers they have several months of survival,cash in the kitty; enough time to pick up the strings? with new ownership.

Interesting VA's presentation illustrates MicroMedical Industries P/L as a dormant company, page 4 of 1st Creditors Meeting Presentation, and yet Rebecca's infers loans have been made to it. Last time I looked dormant companies just sit there fat dumb and happy...a shell.

BTW, sh who's learnt the gobbledork over the years.