what now, page-2

Spot on Julie Bill, you have a right to express concerns. While I remain confident of a positive outcome, MAE has raised and spent over $150M over a four year period and should be a producer at this point. As we know, they are not and the market dynamics are not in the company's favour. As I've said before, if Fortis decides no further extension to the credit facility come Sept, then MAE is technically insolvent. All MAE shareholders should be aware of this scenario as a possible outcome. I don't think it will come to this but the company is an elevated risk at this point. Different story if they can ramp up production and demonstrate to the bank they have sustainable revenue flows - in which case I'm sure the bank would happily rollover the debt.

Your comments re GS are spot on. While I was reasonable confident of a bid a few weeks ago, I've had a rethink for the reasons you have outlined - 12 months is a long enough time for GS to have found a buyer. Nonetheless, I suspect there are things happening behind the scenes.

Red2