15th oct again, page-4

will fully subscribe...more annoyed about the US hedgefund - we'll get the same problems we faced with Oceanic in the mid run. In my view only 30-40% of the rights will be issued and mgt. will keep beween 50-65 mln shares they can sell @ .28$ to whoever they want except to themselves up to Mid February. I expect mgt. to offer those shares to existing shareholders (SPP) and to YA on a fair base. The YA thing is pretty stupid and shows the lack of financial experience of ARU mgt. They could have found a real investor and not issue a Cornell-type floorless convertible financing. A serious investor should have underwritten the RI but apparently ARU wasn't able to find such serious investor and so we will have a deja vu
with YA in the near future when they sell their first tranches in order to "earn" a better conversion price.

Lenni