Rebels:

As things are unclear as to the trajectory of the economy over the next 3 to 5 years, (the timeline of build out for CLL) any element of added indebtedness translates to increased risk. Most economists perceive we are at present in a cyclical bull market within a secular bear market. If this is correct, we face with the maturing of the cyclical bull market a pull back which would imperil any expansion plan and potentially the existence of Connacher. Is this correct? Personally, I do not know. But a study of similar crashes such as we had in 2008 shows an initial recovery periods of approximately two years. We are already past such a time frame.

No mater which direction Connacher takes there are potental corporate death scenarios. As the line from the Clint Eastwood movie, "Do you feel lucky punk?" In accord with the scenarios for the economy, I would likely go for the debt restructuring but, wait on draw down of excess funds until there is greater clarity to the direction of the economy.

Brian