Umm, Noble's issues didnt come with the GFC. It came from them...

Umm, Noble's issues didnt come with the GFC. It came from them losing circa US$8bn on coal swaps in the last two years. That, and very dodgy accounting/PnL marking. Please dont sprout baloney, people listen to you in here.

The only reason they've gone through the "restructure" is to remove director liability. Otherwise would have filed for Administration/C11. The $100m is a credit line to buttress the Mercuria trade financing position. Noble isn't picky - quite the opposite. No one will touch them with a forty foot pole because they are credit tapped.

I'm well aware of Simpson/Bolitho history with Noble.

Not downramping, I hold the stock and believe in it - but Noble is not exactly the worlds best partner to have these days. As I said, I'd prefer to see a different partner, but thats what weve got.