Here's what the filing on the bonds really says. With link!

See and read for yourself folks - then decide.

What is does say is that PFNO has issued 2400 preference shares to ING, in exchange for 2400 ING bonds valued at 1m Euro's each. It also goes on to say that the preferred shares are redeemable by ING paying PFNO the full value of the bonds on 16 June 2010.

So, as far as I can tell, the full FACE VALUE of the bonds is 2.4bn Euro's! and ING was meant to redeem the bonds on that date (16 June 2010)

So its all in the second paragraph of the notes. So somehow, ING very happily issued 2400 of it's own bonds with a face value of 1m Euro's each to PFNO in exchange for 2400 PFNO preference shares, which it was due to redeem on 16 June 2010.

So since accepting preference shares from PFNO and issuing PFNO with 2400 bonds, it has now decided that ING itself issued PFNO with FAKE bonds?

This is clearly going to be the mother of all settlements.

Here's the link - read it all for yourselves folks to satisfy yourself of the accuracy of my statements. Just scroll down to the second paragraph of the notes. Simple!


http://www.otcmarkets.com/financialReportView...;id=117368