Ann: Investor Webinar - Market Update, page-150

Marsh has provided CONTEXT to Friday's announcement - which was completely missing from the written word. Why didn't they just say that and put some numbers in? Yes, the shares would have fallen - because it is an understandable downgrade versus DFS (WHY, OH WHY does he insist it isn't) - but folks would have been able to consider things more rationally. The problem for Marsh - especially after this morning - is that people can now see through him. Don't think you are going to see much more (if any) puffery from the company. You are also going to see less communication - I smell the hand of Wilkes to move it away from (bluntly) Hot Copper thread demands. That might be assisted by some LTH's reducing/selling out.