BioNitrogen Holdings Corp. (BIONQ)

[Kakaobaron]

Dear Dave,

Thanks for your comments.

From Adam, I know that they are budgetting with 200 USD/ton, but I would feel rather puzzled if they would not get closer to the world market price (now 410 USD) than the 250 USD/ton.....

How do you get at 150 USD/ton? I know that there would be some expenses in connection with administration, energy, work force, etc. but I would assume that the cost of raw materials would be close to 0, or maybe even less than 0 (farmers or other paying for getting rid of organic material)?

I would say that 150 USD/ton would be worst case, but I haven't seen any calculus on the subject, so I cannot be sure...

To add something extra to the discussion on the target price, then I'm not really sure how bond debt of 1.425B USD would affect the PPS.....any oppinion on this?