Ann: Results of Meeting, page-70

Look, Dugsy, I don't disagree that's how the situation can be interpreted. I am aware of the Trading Policy and the windows available to directors to buy and sell. Yes, he sold some shares immediately following the release of the Qtrly Reports. If we include the Con Note shares, it's actually only one-third of his holding that he sold.

You can put whatever spin on it you want but the fact is we don't know THE FACTS beyond the statement that the sale was to meet tax obligations. I must have had this out with you three times now and I am not about to accept a proposition that's based on pure speculation... even in spite of my furtive and suspicious mind. We all love a conspiracy theory. And I am a real lover of irony and the irony of this subject coming full circle the way it has with me now being invested in LNY and you may be still invested in BSM has me smiling to myself.

You are entitled to your opinion, of course, but who is to say that PW didn't borrow the money to participate in BSM's Con Note funding? Just because he happened to sell $129,000 of LNY shares and happened to invest funds in BSM, doesn't mean the guy doesn't have any other financial commitments to meet. Okay, you can outline the scenario in black & white as you have done, but in reality, it could be as grey as all get out. If it happens to be the latter, your accusation could be very damaging to his character and reputation.

You know I have heaps of respect for you, Dugsy, and would in the past loved to have joined you in bagging anyone on our illustrious team but, honestly, I think the entire matter should be dropped TBH.