All American Pet Company Inc (AAPT)

[Leirum]

You could be right on all Points as the possibility I outlined has to many unpredictable if and whens.

For me my paper was nothing more than a Memo of what is or could be possible but for this it always takes 2 for a Tango.

There would be other possibilities as well but there is no use going into Detail.

I was never part of a Team that did restructuring but I was part of a Team who then designed derivates after the restructuring and believe me I have seen worse situations than presently AAPT Shows.

The case here is rather simple: If they want to a have a Change, they must act from the inside because nobody will act from the outside.

One word: The tax liability: I cannot see to have in the books of a public Company a tax liability that could be linked with the Management or the board. If this would ever have been the case with a Company I would not be Aware of it, but then you talk USA I talk Europe. The question is then left: Why the tax liability. If a Company never has been profitable why a tax liability? If the Management draws a salary, the tax liabilty becomes a private item and cannot be booked with the Company. Unless you can give more light here on this subject.