Ann: Update on JB Financial Group transaction, page-15

It would have to be a big, big discount. Because of all the risks associated with these guys.

Because JBFG do not have sixty seven million dollars. They have no track record of either raising that much money nor of earning that much money. The absence of track record raises questions of credibility.

This is the fourth significant, material variation of this related-party transaction announced by these guys. They are dealing with themselves but cant even make their mind up. Again, the question of whether they are credible pops to mind.

They paid themselves $8.5m in cash based on reported performance which can be questioned. Again, credibility