price sensative, page-2

Hi MB

Good pickup - released in London - should be on our market Monday. Looks like MCQ & Lnc will get 100c in the $ ( $105m or plus hedge book payout of $43m or so already received )

How CFE expect to make a return will be interesting. They have not acquired the assets , just the debt and security over the assets.

Offer for 100c in the dollar is all the receivers needed - this is the cleanest for them but still puts as in the same position. Such an offer for the debt is a lot quicker than dealing with individual assets.

We will need to see what CFE are proposing.

Cheers

Baraka