afgha holders representation at crs meetings, page-2

Today I spoke to the Note Trustee (Trent Franklin 02 8295 8127). He was very helpful - here are the main things he said:

The note trustee will lodge a Proof of Debt claim with the Administrators of Allco using the registry records of note holdings. The Amount will be for the face vale $100 plus interest owed. The claim has been prepared but cannot be lodged until Allco issue a "Trigger event" notice. This may happen in the next few days.

I requested that the Trustee put something up on ther Web site (www.trust.com.au) stating the above. He said that he would consider that suggestion but the whole issue of how best to communicate with Noteholders was being discussed.

McGrath Nicol as Administrators were under time pressure to send out the Circular to Creditors including the Proof of Debt form. Because they have not specifically adressed Noteholders they expect to get duplicate claims - one from the Trustee for all the Notes and quite a few from individual Noteholders.

There are many issues to be determined between to Administrator, Reciever and Trustee. One is the status of any money paid to the banking syndicate by Allco in the last six months which may be returnable and apparently if that happens the Subordinated status of the notes may be moot.

In short I was left with the impression that our interests are being well looked after - however it is going to take a long time to resolve.