Ann: Paradise Textiles Term Sheet for Exclusive Supply of Fibre, page-33

quiltman,

a recent investor after watching nc6 for some time.

have really appreciated your insights / analysis.

agree, nice to have interests aligned. ie nc6 and alpine.

remain concerned however on balance of power. nc6 is a minnow. alpine is not.

these things have a nasty habit of revealing themselves in negotiations over what is seen as a fair price, and there isnt a deal if this cant be struck.

adding to this is nc6 tight cashflow.... a natural incentive for alpine to extend discussions.

not close at all to nc6 or alpine to know how much love there seemingly is between them. hopefully lots.

but back of my mind, big companies dont become big companies by being nice to little companies.

let us see what time holds. i am as keen as the next to see nc6 a success and expect significant upside when (if) it is.

gltah