I have received the attached letter from Jim ByrnesBrisbane Toll...

I have received the attached letter from Jim Byrnes

Brisbane Toll Road Link Pty Ltd
A.C.N.135 502 813
Registered Office Suit 901, level 9, 130 Elizabeth St Sydney NSW 2000
Telephone: (02) 80901301 / international (612) 80901301
Cell / mobile 0425 266600 /international (614) 25 266600
Email correspondence to [email protected].
Legal Correspondence Whittens Lawyers and Consultants.
Suite 9 level 5, 137-139 Bathurst St, Sydney NSW 2000
DX 11535 Sydney, Downtown.

Dear Sir

3rd Day of April 2009.

I refer to your enquiry regarding information posted to Hot Copper forum.
It would seem that a reporter from business Spectator has either made comments that are incorrect or has at least confused issues and I now clarify matters for your and every Unit Holder .

• Brisbane Toll Road Link Pty Ltd, (BTRL) is a special purpose company incorporated to acquire an interest in BrisConnections respective trusts.
• BTRL is a wholly owned subsidiary of The New Hampshire Distressed asset fund Inc (USA).
• I have been instructed to arrange for BTRL lawyers to offer a debenture charge over the companies assets to secure a substantial advance that will be provided by the parent company ( subject to terms and conditions) .
• The offer made by BTRL is limited to 19.9% of the trusts units on issue.
• BTRL is not acting on behalf or in unison with Macquarie Bank or any other third party involved in the current litigation.
• BTRL is aware that the ASIC are seeking an injunction to restrain the trustee from making a call.
• It is my personal view that in order to obtain this injunction ASIC will need to proffer an undertaking as to damages. ASIC do not know how unit holders will vote and to give such undertaking without the knowledge of how unit holders will vote is at a great risk to ASIC. The damages may be substantially more than ASIC, s budget for the rest of the decade. Should ASIC succeed and this triggers a funding default and the loans are terminated and it is finally determined that unit holders did not have the required numbers in both meeting to pass resolutions then the damages would be in the Billions
• BTRL acknowledge that BSC and Macquarie bank may well have handled things better. It is also acknowledged by BTRL that despite request for without prejudice meetings, No meeting has transpired to date.
• BTRL has made an offer to QIC as a unit holder on the same terms as was made to other unit holder who have accepted the offer. QIC have rejected the offer despite BTRL stating that to do so given the obvious conflict with Trevor Rowe being chairman to both entities and the fact that QIC are the Government owned and controlled entity that manages Billions of dollars of government superannuation funds. To refuse this offer would possibly see the superfund’s exposed to immediate losses in the tens of Millions of dollars. I have advised that this matter should be referred to the ombudsman and ICAC (Independent Commission against Corruption. In This regard whilst unfortunate it will involve the Queensland Premier elect as she holds an important administrative role in QIC.
• Arising out of QIC rejecting the offer BTRL has the ability to acquire units from unit holders at its discretion. BTRL will consider making offers to unit holders who may suffer extreme hardship in the event the obligations to meet the calls are up held. We will consider purchasing unit holders interest on a case by case basis .Where the unit holder is an institution a transaction fee is charged by the parent co or at its direction. any and all inquires regarding unit holders wishing to sell should be made to [email protected]
• Finally BTRL believes that it is in the state of Queensland’s best interest for the project to be completed.
• BTRL believes its in the builders best interest for the project to be completed
• BTRL believes it’s in the best interest of Mac Bank that the project be completed.
• BTRL believes the project will benefit the residents and commuters in the region.
• BTRL believes the construction will benefit the QLD economy
• BTRL believes that the construction will maintain Jobs for thousands of people and intern this means that thousands of families will have there immediate future secured
• BTRL believes and accepts that in maintain employment in the region the flow on effect in consumer spending, home loan purchases and payments are in a better position for many people.
• BTRL believes that if the project proceeds as planed there will be far more people who will benefit than those who will suffer.
• BTRL However is across the legal issues and the rights of unit holders who also either are ordinary working people or self funded retires and forms the view that as a result of the potentially misleading PDS and subsequent representations by the board and others those unit holders will have the ability to be properly represented by taking part in a major class action.
• BTRL would use its best endeavors to encourage the Board , Macquarie and the State and federal government to propose some accommodation that will ensure that unit holders receive a reasonable sum for there units .
• BTRL wishes to point out that it also clearly understands as should all unit holders that currently on the facts presented there is an obligation to meet a call if and when made. That despite the intentions of BTRL and separately the intentions of ASI, there is no certainty and presently no relief assured for unit holders. There is never any certainty in any court case. The time and cost associated with seeking representation and joining what it would seem likely to be a class action.
• IMF web site will show that normal litigation funding costs are likely to be in the order of 25-33% , legal costs will add substantially to this .These cost come out as a priority normally . The cost to run this case could cost in excess of $50million dollars.
• Unit holders could be held liable for cost if an action was unsuccessful. The cost could cost as much as the call. This is because only a percentage of the unit holders will join in on a class action
• BTRL will consider all options before voting at any meeting and currently BTRL has not been swayed that winding up is in the best interest of ALL parties. All Parties means more than just unit holders
• UNIT HOLDER ARE CAUTIONED NOT ASSUME BTRL WILL VOTE TO WIND UP OR IN FACT VOTE AS REQUESTED BY ASI . BTRL RECOMENDS UNIT HOLDERS OBTAIN THERE OWN ADVISE .BTRL RECOMENDS THAT UNIT HOLDERS PREPARE FOR ONE OF FOUR OUTCOMES. LITAGATION , WINDING UP OF TRUSTS WHICH ON THE FIGURES PRESENTED THUS FAR DO SUGGEST THAT THIS RESOLOUTION WILL PASS , PAYMENT OF THE OBLIGATIONS , OR A POSSIBLE OFFER OF SOME FORM OF RELIEF TO UNIT HOLDERS
• UNIT HOLDERS SHOULD BE AWARE THAT THERE IS NO OFFER BEING MADE FOR RELIEF BY BTRL AND TO THE BEST OF OUR KNOWLEDGE THERE IS NO OFFER OF RELIEF FROMA ANY PARTY PRESENTLY



JAMES W BYRNES