administration, page-6

Boutique Corporate Advisory is a Melbourne firm. To the best of my understanding AAE is in voluntary administration in Australia under Australian bankruptcy law and Beatrice Biodiesel is in bankruptcy in the USA under USA bankruptcy law.

It seems to me that theoretically AAE could survive even if Beatrice were to be liquidated. The survival of AAE would depend on any payout to AAE by the USA administrator if the sale proceeds from the biodiesel facility in the depressed USA market prove to be more than sufficient to cover the facility's liabilities.

If there were to be no payout to AAE from the sale of Beatrice then I would foresee AAE also proceeding to liquidation since I understand that Beatrice is now its only asset.

Gemmy