ny, page-26

re: sean Not sure there has been deliberate misleading by Lum management Georgeaux. Think they got screwed by a JV partner going into administration (Megagroup) and LUM couldn't reasonably have forseen this, and their other joint venture partner, Totius worked their butts off, but nobody gonna deal with a company like Totius who have absolutely no experience in the outdoor advertising industry. They have no clients and no experience - that's why it fell done. Pepsi, Coke, etc would no doubt remain loyal to their outdoor advertising firms, coz they probably have contracts and don't want to risk getting on the wrong side of a company like CCU. In hindsight, it appears obvious Totius Media never really had a chance to pull this off. But they are currently holding all 2.4mill shares, which indicates they think LUM still got a big chance of pulling this off. They are the insiders and if they thought LUM was going to fall over, they would be the first ones to sell now - and they haven't