I don't know any more than anybody else on this but the way I...

I don't know any more than anybody else on this but the way I read it was that there is a certain amount of gas that each member of the Mereenie JV (ie CTP and Mac) can market individually. Once that gas is contracted, any future gas sales need to be made through the JV.

If this is correct, any future GSAs would need Mac's approval. I am not sure if what we are supposed to read between the lines there is that Mac could prevent CTP signing any new GSAs by refusing JV approval and thereby sending CTP to the wall, in order to call in the loan and get CTP's assets as creditors.

I am not 100% sure that I have understood that correctly, but needless to say if CTP has got itself into that situation then they are well and truly snookered by Mac.