Here is a note from the half yearly.Hard to believe a company...

Here is a note from the half yearly.
Hard to believe a company with 150k oz at 16c. Punters can't be too happy.

Note 10 Derivative and convertible note liabilities

On 15 September 2008, Lehman Brothers Holdings Incorporated filed for Chapter 11 bankruptcy
protection in the US. Norton’s hedge counterparty, Lehman Brothers Commercial Corporation (LBCC),
has also filed for Chapter 11 bankruptcy protection. The commercial agreement between Norton and
LBCC was established under a 2002 International Swaps and Derivative Association (ISDA) contract.
Norton has retained counsel with direct experience in ISDA-based derivative contracts to assist in
protecting the Company’s position.
In November 2008 Lehman Brothers (LB) filed a motion seeking an order from the US Bankruptcy Court to
allow all of its derivative contracts to be assigned. Norton and approximately 100 other entities filed
objections to the motion. As a result, Norton has been carved out of the proposed motion, and its
objections will be heard separately before the US Bankruptcy Court. Norton’s agreement (ISDA) prevents
assignment without Norton’s consent.
The convertible notes are held by Lehman Brothers Commercial Corporation Asia (LBCCA) ($28m) and
two Norton shareholders ($5m each). LBCCA is in administration which is not expected to affect the
operation of the convertible notes.