could gunns go bust!?!, page-8

Hi Mikes

Isnt there a floor price on the convertibility of the GNSPA? Not sure if that comes into play but I am sure you can provide further details.

I think the sensible thing for the GNS directors to do would be to stop paying the coupon on the GNSPA for a period of 2 years, similar to ELD and Paperlinx. I believe they have the right to stop distributions at their discretion if I am not mistaken. Would seem like a sensible next step to me for them to take in the 2012 financial year if the pulp mill doesnt come off.

Lord