This letter confirms that Mr. Holmaranta had received the letter of 4th November. Thus it would appear that Mr. Holmaranta was given a full opportunity of taking advantage of the Finnish law by either making a payment, giving security, or making a guarantee of the 10, 000 dollars. He failed to do so then or later. There is no evidence that Mr. Holmaranta made any response to that letter. The Court has been informed that last week, that is in July 1998, Mr. Holmaranta paid over 10,000 US dollars to the Trustees in bankruptcy which they consider to be far too late and an indication has been given to the Court that that money will be returned to Mr. Holmaranta.

I now revert to Professor Majamaa's Opinion and quote from it:-

"2) The measures taken by the administration of the bankrupt's estate to realise the property, and the Agreement of settlement.

The document dated October 15, 1997 unambiguously states that the bankruptcy of Lauri Antero Holmaranta is final and that the trustees in bankruptcy have been legally appointed. The document also specifies the parties to the dispute, both of whom are claiming from the Court the ownership of the shares of the company Regatta Trading Limited.

The document then sets out an agreement on the actual realisation: Mr. Karl E. Lindroos will pay USD 10,000 to the bankrupt's estate, and after and due to this payment, the trustees - in their quality of legal representatives of Mr. Holmaranta and advocates of his interest - will declare that the bankrupt's estate has no claims on the shares of the company Regatta Trading Limited.

It is my firm opinion that this has been a case of normal realisation of the property in a bankrupt's estate: against consideration, the bankrupt's estate has abandoned the dispute related to the ownership of the shares.