In mid 2010 we established a Consultative Committee (“the Committee”) consisting of financial advisors and investor groups that collectively represent over 60% of funds outstanding to Note Holders.

The Committee was formed for the purposes of:

+    Briefing Note Holders on the status of our investigations in relation to the failure of MTL and causes of action MTL may have against certain counterparties.  The Committee has executed confidentiality agreements to enable the receipt of information.

+    Canvassing the views of Note Holders prior to making decisions to commence/settle litigation and with regard to other important decisions in relation to the receivership. 

We have held several meetings of the Committee and issued a number of updates relating to the receivership since our last update to the broader Note Holder group. 

Communication with the Committee remains the most cost effective way of conducting the receivership.

Should Note Holders have any queries in the meantime, please do not hesitate to contact Chris King of this office.

Last update to Floating Rate Note Holders: 4 May 2012.