I was listening, but got cut off a few minutes ago - just when Mr Harvey was assessing how to reply to the first interesting (to me!) question of the session, namely what amount he views as being material in this context. I wish I knew how he responded!

Anyone know if Peter is there? He was planning to be.

Awesome effort, Liz and Henry. Well done, and thanks. Maybe you'll be able to get to bed before 3am one night soon.

It's amazing - as you highlight - how the Debtors keep saying "it's hopelessly insolvent and you've presented no evidence", simply ignoring all the evidence and your very clear questions - and so far have got away with it. Let's hope you can pin them down and actually get the Judge to force them to answer.

Good luck to all today!

If one of Henry or Liz sees this, please give me a quick call - or email to confirm it's not too early for me to call you.

Many thanks!

A

Many thanks, Ergodoc. Will you be listening in?

Fingers crossed, Peter. Knock 'em dead.

Can someone please tell me what time the hearing is tomorrow (say, New York time)?

Many thanks and GLTA.

You might think so, but in fact our beloved CEO and his colleagues have this covered: you're not allowed to buy more than (I think it is) 2.4 million shares without the permission of the Court, which IF given can take at least a couple of weeks - and the Company is highly likely to object. The ostensible reason? To protect the NOLs.

Much as I wish we could do this, I think we cannot. I asked Jason about this. The catch (or one of them) is that the company has by-laws which DO NOT ALLOW THE SHAREHOLDERS to call a shareholders' meeting. Only the Directors can do so. Disgraceful, IMO but Jason's legal observation is that this info was in the public domain and we shouldn't have invested if this was objectionable.

Jason said that to try to call a shareholders' meeting would require (a) a BK lawyer AND (b) a Delaware corporate law lawyer, and would be more expensive than our unsuccessful motion - which as H has pointed out, we've yet to raise all the funds to pay.

I'll be travelling until Wendesday so can't join in discussion again until then, but I'm open to ideas!

I have nothing but congratulations and thanks to all those who stood up for their rights here, especially but not only the Fabulous Ergodocs. My hat is off to you.

So, it didn't work out - yet.

Let's lick our wounds and digest if there's still a way forward.

Regardless - GLTA and thanks to all who contributed.

And to the Directors of ABWTQ: I hope that you can sleep well when you earn the $273mn you predict and count your 8.5% share.

I don't think that he's making his case that the accounting is confusing. Yet. Wish he'd change tack to focus on value.

Concerned that J is using a lot of time to query the clarity of the accounting; none to draw doubt about the realism of the accounting based being based on book value.

The accounting may be correct, even if confusing, based on BV - but the test of insolvency is based on MARKET value. Hope he is left with time to make that point, and that MV is much higher than BV.

Will you be online during the hearing? If yes, would you be able (and willing) to raise critical points mentioned by the Board, if Jason omits something? Good luck - to you and everyone.

Ergo has been doing some phenomonal work behind the scenes to provide facts to the lawyer...in fact she's currently recovering from an all-nighter spent doing just that.

Thanks, Ergodoc!

Thanks, emailjanum, great posts.

A suggestion: could everyone please include the attribution of articles posted (author, publication, and date). Some of these articles are being forwarded to the lawyer by the good Ergodocs. It'd lend credibility to include this detail.

Thanks and GLTA.

Agreed.

Henry, that might be a good quotation to draw to the lawyer's attention.
GLTA

We may be the tail. But this tail has teeth.

Great. Liz has kindly sent you my email address. If you don't mind sending me a short email - and if you like, include your phone number (and time zone!) -- and I'll write or call when I can.

BTW, I had a preliminary chat with a Delaware lawyer this afternoon.
Cheers.

Hi Mattydog
Just saw your post and would prefer to reply privately, but my level of subscription won't let me do so.
I'll email Henry and Liz and ask them to send you my email address and, if that's OK, we can take things forward offline via email.
Cheers!

Well done, Henry. You spoke well and held your tongue appropriately when needed. There's nothing more you could have done.

The creditors' arguments against an EC (so that we can consider how to respond) were:

1. There is negative equity of $2bn (based on the 10k) and no hope of value for the equity holders. Credit claims amount to about $8bn. Book value is not a sound way of assessing assets (why?)

2. The shareholders are already adequately represented by Fairfax and management.

3. Yes, there is trading in the shares but it is only unwinding of short positions (if true, who are the buyers?) and speculators.

4. Did I miss anything?

At least the first two of these were as expected last night, but the judge did not allow Henry to rebut them.

Cheers and GLTA

NOT all equity holders are speculators. Some held from before BK.
Fairfax have a vested interest as creditors
Directors have not acted in our interests

OK, now hearing things. Please ignore my last message.

Can others hear anything? The music stopped and I heard a male voice with an introductory message (turn your microphones off when not speaking etc) and then it went silent. If others are hearing things, I'll try redialling.

You call her a coffee maker in public?

wow

Zzzzzz

This seems like good news and it'll be interesting to see how the Court handles it (apologies if it's already been posted).

GLTA



By Jacqueline Palank

Of DOW JONES DAILY BANKRUPTCY REVIEW

Recyclage Arctic Beluga Inc. says it submitted the highest bid for

AbitibiBowater Inc.'s (ABWTQ) four shuttered pulp-and-paper mills and is

objecting to the company's plans to sell the mills to a rival bidder.

Recyclage is urging the U.S. Bankruptcy Court in Wilmington, Del., to declare

its $14.1 million offer to be the highest and best bid, instead of current

leading bidder American Iron & Metal LP's $8.8 million cash offer.

According to Recyclage, AbitibiBowater's selection of American Iron's

"significantly lower" offer isn't in line with the bankruptcy code.

"The debtors have improperly sought to accept a bid which does not realize the

optimal value for the debtors' estate," Recyclage said Wednesday in court

papers.

In AbitibiBowater's request to sell its assets, the company admitted American

Iron's offer was actually the second highest of the offers it was reviewing.

However, the company said it deemed that offer the best in light of the other

benefits that American Iron brought to the table, including its motivation and

ability to close the sale quickly and on terms favorable to AbitibiBowater.

"Notably, AIM had demonstrated its ability to fund and, among other things,

had agreed to assume all environmental liabilities associated with the closed

mills," AbitibiBowater said.

Recyclage, however, said its offer provided for bringing the 370-plus acres on

which the mills sit into compliance with environmental regulations and would

also indemnify AbitibiBowater of any liabilities connected with any

environmental liabilities.

As for its financial wherewithal to close a deal, Recyclage says it has the

backing of Canada's largest recycling company, Triple M Metal LP, which will

provide funding in an amount greater than Recyclage's offer.

Recyclage also pointed to its recent purchase of an AbitibiBowater mill, which

closed in January, as evidence that AbitibiBowater can trust its ability to

close a deal.

The bankruptcy court is scheduled to consider the proposed sale and

Recyclage's objection at a hearing Tuesday.

(Dow Jones Daily Bankruptcy Review covers news about distressed companies and

those under bankruptcy protection.)

-By Jacqueline Palank, Dow Jones Daily Bankruptcy Review; 202-862-6615;

jacqueline.palank@dowjones.com

Click here to go to Dow Jones NewsPlus, a web front page of today's most

important business and market news, analysis and commentary:

http://www.djnewsplus.com/nae/al?rnd=GftPXLXUpIijMIpMfBHiow%3D%3D. You can use

this link on the day this article is published and the following day.

Great letter - well done and many thanks to L & H!

Why does everyone now want to give their shares away for just $25? :)

GLTA

Hi Henry
I'll email Liz's address with my updated holding, which is higher.
Cheers
Alan

Good comeback, even better name -- you could always try Hollywood!

Let's talk when it hits $9.

GLTA

Nice work - but it's a little worrying that we're going to hit quite a bit of overhead resistence.

At about $9.

Naive question: is it as simple as "the lower the price, the bigger the spread", which obviously is in a MM's interests?

Thanks. Will do!

Well done for your work on the EC. Do you want additional shareholders on your side? If yes, is there a way to send details privately without signing up for the premium service?