Ann: Chairman's Letter to Noteholders, page-149

I'm not claiming any conspiracy theory at all. The only ones who are being un-cooperative is AZZ board/management (however we wish to term them) in refusing the request of the only stakeholders that seem to have the power to keep them alive and grant access to an independent IA who can promise confidentiality.

Sure, the oil price has a lot to do with the lack of offers, but what observer in their right mind would want to deal with the current management via JV/funding approach given the debacle since the mighty Wade's bid.

The 'meeting after meeting' was of AZZ's doing, if the company had agreed to the IA we may have saved the very substantial costs of these two meetings.

We're on the same side, but you seem to forget that he can't sell the assets if AZZ is illiquid... and AZZ is not a going concern if noteholders won't agree to the terms offered. JC seems to want to freeze the key noteholders out (who seem to be based on east coast) by not allowing remote voting which I understand to be entirely normal, and instead forcing proxy voting (48hrs in advance).

I'm just partly relieved I decided to split my speculation in AZZ between notes and shares such that I had some capital recovery for an occurrence just like we are in right now.