Eagle Energy Inc T.EGL.UN

RE:RE:RE:RE:RE:RE:Advisory firms

[lenumero66]

I actually had some discussion with Dan about this:

You can look at the SEDAR posting:

Section 8. 01

(m) Change of Control. There occurs a Change of Control;

Is one of the condition of default.

So White Oak does have the option to call the loan immediately.

Dan's response:

We are well aware of the loan agreement change of control provisions, and it was investigated in detail before we nominated our replacement board slate. This is boilerplate terminology used in virtually all loans of this type. The lender wants to be sure that they are not dealing with a group that will weaken their position. If anything, our plan strengthens their position because we will fix Eagle's cost structure. Our news release addressed it, but suffice to say that there are a number of remedies and we believe Eagle is greatly exaggerating the issue. Our biggest disappointment is that Eagle is choosing to focus on minor details (and appear to be attempting to use technicalities to entrench themselves) and is not addressing the fundamental problems with their business plans and recent actions. I would be pleased to discuss if you like.

Anyway, too late to change your mind now. Whoever wins I hope they are sucsessful in bringing investor confidence back to EGL. There is potential here, hopefully we survive the $40/bbl long enough to reap some of it.

GLTA.