creditors meeting, page-3

Four members of ActionBBSN are on the Creditors Committee. 2 New Zealand based and 2 Australian based.

For the record, there are about 3500 Aussie holders on the register and about 4500 Kiwis. Aussies hold about $400m, Kiwis hold about $225m.

Personally, I am delighted Deloitte have been appointed Administrator. I fully realise that this is not a universally welcomed situation. (For the record, I am ex-Deloitte in a management consulting capacity).

Fact of the matter is - we need a top shelf firm for this insolvency action. You have very little choice, in this regard (PWC, KPMG, E&Y, DTT). They would all have to deal with precisely the same issues of professional independence.

People also try to bag the Trustee. Again, I have the view that the Trustee is doing an excellent job in a difficult situation. The Trustee must be independent, between the parties, and yet has given the noteholders the significant concession of allowing them to sit on the Creditors Committee. I also respect the published attempt to advise noteholders of their rights, made prior to the Special Resolution.

I fully realise there is a significant climate of mistrust. I just wish to state my position on these points and I fully accept there will never be universal agreement.

From a practical viewpoint - no other Administrator was nominated. Whether everyone is happy, or not, with the current Administrator (I am happy) - it is now a moot point.

We have finite time and energy. The key is to focus on what is important. A detailed examination of BNB and BBIPL will now begin. The wheat shall be separated from the chaff ...

<< Matthew 3:12 >>
Whose fan is in his hand, and he will throughly purge his floor, and gather his wheat into the garner; but he will burn up the chaff with unquenchable fire.

Maybe I should have selected something old testament. When I consider the situation we are in ... I must confess to being in an old testament kind of mood.