Ann: Administration Update Report to Creditors and Proposed DOCA, page-17

I had hoped from very recent news that EdF might go away with Michelin and that the original restructure would recommence as put forward by Korda Mentha to bondholders; even that KM might like to see their original restructure plan succeed. No such luck. It looks like complete capitulation by Woods et al to Korda Mentha who now represent the bond holders. Now the Chinese will own most of PDN (CNNC and CIC) and their tag partner EdF get most or all of Michelin. Has Woods put forward any alternate proposals for restructure? He appears to be passively rubber stamping this one. With only small change in hand I will be feeling pretty dirty watching 98% of the shares I once held, increase in value for the bondholders. It is all about deals done behind closed doors.