Ann: Toronto Listing Update, page-59

Thanks Esh.....Good quote. A couple of additional observations;
1. MACA need Tucano to be operating in order to pay the debt so if this debt requires further negotiation down the line then most of the negotiation leverage remains with BDR.
2. If they do convert to equity they should not expect to get 100 cents equity to the debt dollar.
3. When BDR becomes cash flow positive I believe it carries significant intrinsic value again to stakeholders - any new owner would buy the debt at reduced levels (say 60 cents in the dollar). They will have tax losses and a large resource base which will be attractive to somebody.
4. The debt pile will grow in the June quarter as the new plant is still being built. Sept quarter is hopefully different.
5. All the major equipment and materials for the upgrade has been on site for over 8 weeks now ( before the strike started) so whatever the new plant now needs could be brought to site on a Ute leaving BDR unaffected by the transport strike.

As previously said something else can come out of the woodwork and bite us, but I remain in denial until all hope fades!