Ann: Change in substantial holding , page-2

This brings Bermuda National Limited (BNL) to over 60 million shares (7.7% of outstanding shares)with these latest purchases being at 2.5 cents each and apparently under an 'option to purchase' agreement. Is BNL involved in the ACE recapitalization of FFF or is it just an independent party seeing an opportunity to make a dollar. So far the outlay of BNL (if calculated at 2.5 cents per share) would be around $1.5M. Who is sitting in the market on the SELL side offering over 30 million shares @ 3.5 cents? Why the lengthy delays with the recapitalization? It was foreshadowed November 2012 - almost a year ago.
Plenty of questions and not many answers - not a lot of information forthcoming from FFF especially as one would expect FFF to be privy to the intentions of BNL and if so then isn't it a requirement that the market be kept informed? I understood that keeping the market informed was a legal requirement.

As a shareholder I just like to know what is happening.

DYOR