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      "text": "TFS claims that the issue of risk is mitigated through the assumption that the value of the plantations (which TFS can reclaim in the event of default) is allegedly greater than the cash value of the debts.",
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      "text": "In the event of MIS bad debts, TFS has no additional security... In the event of non-MIS bad debts from the Beyond Carbon project TFS has no additional security...",
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      "text": "First round sold 350 ha for a fee of $29.8m, cash to be received by April 2010 – on track. Second round of ~500+ ha is also on track for June, with sales to be on cash basis",
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      "text": "BCUT has contracted for TFS to establish and maintain 350 hectares of Indian sandalwood plantation. Total fee of $29.75m.",
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      "text": "Fast forward to February 2010; TFS’s earnings presentation reaffirms that FY 2009 BC cash is to be received by April 2010, but alludes to a risk of non-payment by stating future BC sales will be on a cash basis",
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      "text": "6 TFS FY 2009 Bell Potter Earnings Presentation... 7 TFS HY 2010 Earnings Presentation...",
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