TC, nice summary, as Claws said there are a few missing bits (Mr...

TC, nice summary, as Claws said there are a few missing bits (Mr Claws why don't you take some time to fill in the missing bits or revise the assumptions and come up with your own assertions. At least TC did the work.)

It will always be a bit of a guessing game on the price front. Mix it in with some level of sovereign risk and the liquidity crisis and it is a potent force. I suppose TC's question on the $80m GSJBW 364 day facility not moot - they did loan $80m to them, but in better times. The question is now whether they will renew it and the answer I think is pretty clear from PNA's own press releases.

I would spend some time on revising your calcs TC but I have a bunch to do today. If you have another crack at it or maybe Santa Claws that would be great.

I expect after the performance of commodity prices over the weekend, we will see some negative sentiment creep in on PNA.