from wsj, page-14

all possibilities must be considered.....however a smaller extension without the interference of a small creditor calling in their loan would indicate that Rufrano may have made misleading comments with respect to the negotiations thus far....remembering that on the 30/4 this was released:

"Centro Properties Group (Centro) announces a seven day interim extension on all facilities expiring today in order to allow time for the finalisation of discussions with all financiers and the completion of documentation for a longer term extension."

then on the 1/5 the following, inter alia, was released:

"Centro Properties Group (Centro) advises that it continues to work closely with its financiers in order to finalise (prior to 7 May 2008) terms to extend facilities until at least 30 September 2008."; and

"In the company’s view, the negotiation of all material terms for the further extensions has been substantively concluded (subject to final documentation) with all of its financiers except one which is owed less than $200 million.
All of the other relevant financiers, comprising Australian lenders, US Private Placement noteholders and US lenders, have indicated their support for the longer term extension and continue to work constructively to finalise these arrangements as quickly as possible by 7 May 2008."

These comments indicate in the strongest possible terms that the extension has been granted "subject to final documentation".....To suggest otherwise now would be fatal to the credibility of Rufrano and his negotiating team......something I am sure that an individual of his history and standing would not care to contemplate.......

I agree that an extension based upon required time to finalise documentation may well be required.....but an extension to continue negotiations would be unlikely in my opinion........

I might be wrong, but I feel that I will be declaring CNP profits in my 2008/09 tax return (hopefully big ones too).....