More Thoughts on Where We StandThe extension of the bridge loan until May 30 does not necessarily mean a deal will not be reached before then. Like the bridge loan set last Oct. for this Feb., it is simply set at some distant future date. As mentioned earlier, the nature of the cases does seem to have changed. Although we had the highest number of postings yesterday related to MBAC on the justice Brazil website to date at 26, they are all now related to ancillary issues - namely fringe benefits including danger pay, holiday pay, FGTS (Brazils unemployment benefits equivalent) - and seem to be in a standardized formula. In a couple of weeks we should get the Q4 results and like the quarters before, in there will be buried the details of the cases resolved to the end of that quarter and the associated costs, which should give a better indication of how close we are to finishing. I have been warning for some time of the danger of losing another year of production which now seems inevitable but not impossible. I think the cases may be finished by the end of this month and a deal announced and a vote pushed through in as little as 2-3 weeks as opposed to the 2 months it used to take. And although the next fertilizer selling season starts in May, it doesnt really ramp up until mid to late summer. So perhaps the season can still be saved but I am not particularly looking forward to MBAC's deal as I think it will not be fair to us shareholders (though significantly more than where we are presently trading). Instead I am hoping for a hostile bid or bids to come in in that narrow window of voting following the announcement of the end of the lawsuits and a deal. I am personally encouraged to learn of Anglo American having 16 bids for their niobium and phosphate properties in Brazil and we know all these bidders have deep pockets as these assets are expected to fetch around $1 billion. As many of us have been reiterating for months, all the multinational fertilizer producers want assets in Brazil and all the more now with the Real dropping in half in the past year. This is also why the MBAC deal will be inferior as we know it was likely struck almost a year ago. I do fear this management imposing a break free penalty that would cripple us should we not accept the deal. I am not sure how much they could legally get away with but a larger player would likely give shareholders an attractive offer and then challenge the break free deal in court afterwards. We may closer to the end then we think. AIMHO. Greg