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    There is no doubt but that MJ is being less than transparent here.
    In the QBE deal there is no doubt that he wanted shareholders to believe that QBE were paying 40c per share.
    MJ never in his wildest dreams expected to get 40c in a recap.
    He knew it would be much less, and he knew that is what QBE would pay.
    The other side of this is that if QBE did not emerge then, we might be PUSHING UP DAISIES NOW
 
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