FYB - I thought the hedge, although insisted upon by barclays, was with a third party. BFC had to increase it's loan with Barclays to pay them off.
Ironic really that if it was in place at the moment they would (at least partly)be insulated from the adverse movement of the commodity prices, I currently think they chose exactly the wrong time to pay it off.
Ricky have you thought about my question? I'll repeat it incase you missed it.
Why are they paying JPMC a not inconsiderable amount of money if (as you say) Barclays are willing to stump up the required cash?
Anyway enough for me this year.
I wish you all a happy new year, here's hoping 2007 is better for BFC.