for ex hedges, page-2

JID - good questions. Would be grateful for a second opinion.
I did these figures not long ago to see if it was feasible that accountants and management could be calm about this issue, and not issue a risk to going concern disclaimer. Beware - Dodgy calculations with some dodgy and lazy assumptions! Do your own sums.
Using last half results, and 12/2/09 pres, and latest management rights ann.
q1. I would assume they will, before putting cash into BJT - as they are close to the LVR covenants. However there may be an extra fee for higher counterparty risk available rather than close out.
q2.
BJT - many questionable assumptions here, including using Aussie rather than YEN, and assuming no change to many current items.
Cash 31/12/2008 $79.9m
dist payable 27/02/2009 -20.3
Management rights 25/04/2009? -22.1
perform fees 25/04/2009? -17
cashflow est 30/06/2009 32.4
dodgy adj for perf fee early payment (say)30/06/2009 5.5
hedge cost (JID figure) 15/08/2009 -55
1.5 months CF post 30/6 15/08/2009 9.4
Net Spare cash 15/08/2009 $12.8m - just in the black
q3.
Until the GFC, investors thought they would receive an endless reliable distribution in Aussie dollars from BJT, due to the miracles of hedging, and further receive non taxable distributions as well financed by borrowing. Pipe dream!