how was your quarter?, page-8

Agreed that BLY should now survive the cycle -- sans any major external shocks.

It looks like Centrebridge (the "one execption" I earlier alluded to who came onto the register in July) will end up with very close to 50% when the dust settles.

Quite heartening to see a restructuring that appears to have clearly thought about exsting shareholders when crafting the proposed solution. Also nice to see a recounceable rights issue for a change.

They've still got too much debt for my liking but this restructuring should hopefully give them the resources they need to work it down in due course when operating conditions improve -- whenever that might be.

The market has responded very favourably today.