where do we stand then...., page-33

MS told me these guys were getting into Pensador with their cash.

Doesn't stack up to me:

Buy shares at 22.2 cents

Sell shares for an average of probably 15 cents

Get into Pensador instead of CVI

Pensador clawback at 30 cents per CVI share, over triple the current share price

So - if parties close to the deal wanted into Pensador and they knew what was going on, CVI would be the preferred entry - as the calculation of worth is based upon 30 cents per CVI share.

So this leaves with one or more of the following:

The people getting into Pensador instead of CVI aren't too bright

The clawback will be enacted at whatever the current CVI price is

Pensdaor has better leverage for buying CVI shares than the 3 to 1 for CVI clawback (ie - the fund does not have and is not worth $1.1B)

CVI will not be the vehicle of choice for the prominent Angolans and MS is being played

I like to think that I am reasonably cluey - however I currently have no idea how to possibly reconcile the above. I have been able to broadly understand the business plan and what was being done, but now have no idea.