From: "Sultan Bin Sulayem" To: "Jeffrey Epstein" <jeevacationggmail.com> Date: Mon, 14 Dec 2009 12:30:55 +0000 > This is useful. Transcript of govt briefing of joumos DUBAI, Dec 14 (Reuters) - Abu Dhabi has bailed out neighbouring Dubai with $10 billion in surprise aid for debt-laden Dubai World [DBWLD.ULI, which said it would use $4.1 billion of it to repay its Nakheel unit's Islamic bond maturing on Monday. [ID:nLDE5BD0FV1 Dubai's government held a conference call on Monday to discuss the deal with a government source taking questions. Following is a transcript of the key points made by the source, who declined to give his name: IS THIS A BAILOUT? Abu Dhabi and Dubai are clearly working as partners here to find a good, fair solution to the Dubai World situation. The key part is buying time to allow Dubai World and creditors the opportunity to come together on consensual restructuring. There are no conditions. This is a government-to-government fund, the terms of that fund are internal to the government ofAbu Dhabi and Dubai. These funds are specifically for Dubai World. I won't go into specifics. There is no conditionality. Abu Dhabi has made it clear it is there to support Dubai, Dubai World and I won't go into specifics of how the money is being handed. What's important is we have two partners that will help each other and help the UAE (United Arab Emirates). BANKRUPTCY LAW The government of Dubai has been in consultation for some time with bankruptcy professionals and international judges to develop a framework that is transparent, fair and acceptable to all parties. The current UAE bankruptcy laws are largely untested and (their) administration by Dubai courts poses certain challenges and problems for a large and complex bankruptcy of this size. These (new) laws should allow Dubai World, should it choose it to use the laws to achieve its restructuring and remaining obligations should it not find a consensual restructuring with its credit