Speaking to a few brokers the following is a collection of...

Speaking to a few brokers the following is a collection of rumours:-

a) an update by next week showing the facility in place, highlighting cash flows going forward and how this small debt has an ability to be repaid within 18 months and that two informal approaches to OZL have been made. One for Prominent Hill (BHP no doubt) and one for the whole company from an overseas party-possibly tied into that Morgan Stanley position.

b) part of the reason for the suspension is a certain director's margin lending facility is still in place and with the current state of play would have been totally margined out.

c) the lending culprit was Commonwealth who changed account managers thru the process, finishing up with a hero who wanted exclusivity on future financings. Such a precondition was not acceptable to the syndicate as a whole.

If the above has any weight expect some very positive announcements that may be offset by short sellers against the margin calls. That would represent some excellent buying opportunities if it eventuates IMO.

Cheers,TAS