Ok fair question and I will try to answer it.Fact is:1. Despite...

Ok fair question and I will try to answer it.

Fact is:

1. Despite BCD leaking like sieve we do not have confirmation that lorens JV is bolted to the wall.

2. No word whatsoever that Conrad is bolted to the wall either.

3. Despite having a mil in the bank, doesn't change the fact that the connote is repayable on 31/3 and we have heard nothing on their intentions.

4. The half yearly accounts were qualified by the auditors. Along the lines that with no income and $1m worth of debt their was no certsainty this co was a going concern.

5. If they repaid the debt tomorrow then they would have to a do a cap raising.

Reality

1. There is no way BCD would be saying the stuff they are saying via the ASX and to fellow posters on the phone unless it was done and dusted.

2. Auditors are guaranteed of qualifying accounts when you have the above scenario. In the directors report in response they said we can raise capital at will and have done so in the past. Solvency is not an issue and it is not.

3. the bottom line is they will roll the note over or assign it. The note holders are also a major shareholder ( correct me if i am wrong) and only a complete spastic would refuse to role the note when you are also a major equity holder, coz if they couldnt raise euity ( which they can) you are going to take it up the kiber pass...twice.

4. markets thin at moment and i also note the carnage from people jumping on the latest hot stock is sapping people appetite for risk and available capital to do it over and over again.

As I said if you want to see a bunch of salesmen, have a look at DRK ( yes i made atone of money on it before the herd turned up. Have a look at the African assets. They are raving about ground that is a fraction of an oz. God forbid its absolute crap. Ok the nickel is grade dog food as well, but the damn thing managed to run from 6 to 26c thanyou very much. Currently a mc of $9m on absolute rubbish.

Flux