the next step, page-4

http://www.theage.com.au/business/biffo-on-boil-as-obj-putsch-gathers-steam-20081211-6wtk.html

"OBJ demonstrated the effects of converting debts to shares in September when some little-known convertible notes, covering $265,000 of debt, were converted to 68 million shares. About a quarter of those went to Monarch Corporation, which is associated with the Palermo family. Palermos, young and old, have been associated with OBJ and John Palermo is currently company secretary."

Family comes first. I'm sure you'd appreciate that. Yes he is talking to himself but also two others for Monarch and one brother for Primelane.

Monarch are owed $300k. Primelife not sure. The questions need to be asked. Is demand for the full amount? Is demand only for the family amount and JP will keep his 33% (Monarch ~$100k) and 50%(Primelane).

We also need to look at the various note. Some have been rolled over. Some haven't. The un-rolled over amounts can be demanded, so it could only be those amounts.

But you need to look at notes falling due in coming months. And the likelyhood of them being recalled too. And even the current notes expire in September and have some nasty adjustments if a cr happens. Atleast the newest ones are with Finebase so hopefully wont be called on anytime soon.

Then the fact we have no money for next quarter.

And the fact they have only been able to raise funds at half the current sp.

If we need to raise $1mil at half the current sp, that is 50% dilution. Double the current shres on issue. And it only pays for another quarter and a bit of debt reduction.

We can dig ourselves out of this but it seems like it will involve debt for equity swap and/or cap raising.