I hate to say it "I told you so".

Since Nov2008 (after the Q3 conference call) I posted numerous times about the 2009 covenant attached to $200 million credit facility (1.5 ratio of EBITDA to consolidated interest coverage) and problems which this is creating for CLL to use this credit.

As recently as today I posted and BBQ made it more clear:

"Most of what it is left over from the $600 million loan goes to 2009 interest payments. The Line of credit has specific covenants and maybe frozen at this time."

Simply put the ALGAR construction is not going forward because there is no credit or cash available.

No offence and I am very sorry to say but you guys (with some exceptions) are bad listener or ignorant.

Is there a hope? Always is.

1.Higher Oil prices

2.Government help (see Alberta incentive post) in the form or credit guarantee.

3.Partnership , new equity, selling some assets,etc

4.Renegotiating the credit facility with banks.

The scandalous thing is that banks collected $14 million fees for this line of credit for nothing.

Another question to ask later is how such a "smart" board of directors and executives could allowed to let this thing to happen?

Hopefully this paragraph (very well hidden in the press release) will go unnoticed.

As history tell us nobody is paying attention to what is posted on CLL boards.