Congratulations, Digger. Hope you had a great day yesterday! Good present today then from NZOG?
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""So if a sale results in more than $50m theres a chance of shareholders getting something. ""
the permit is still in place,(i think) and that very expensive tunnel is still in place,(it seems) as is 99.9% of the coal.
if the highest bid is $50m it better be NZO's
in fact.......... NZO should of held a special meeting of shareholders and had a vote to see what the majority of shareholders would of backed the directors bids up to, to secure the mine.
Agree Digger but I do expect NZO Board to make sure PRC is not sold too cheaply and be ready to go in and buy it out of receivership rather than have it gifted away to another bidder. The assets are still there (largely) and a lot of the monetary value of the mine remains intact. No reason to give it all away.
the acceptance vote by value should be a done deal since BNZ, equip hirers and NZO should all agree, plus the 200+ unsecured creditors who paid in full.
lawsuites being stopped would only be binding if the unsecured creditors signed the agreement, accepting up to 20c in the dollar, but in saying that one would hope most unsecured creditors would agree.
the big plus in this is the insurance payout, tips the balance to the positive [no pun re 'balance' though]
once payout accomplished then less people involved and who knows what will happen - a corporate play by nzo to payout remaining unsecured creditors in exchange for more script?
M
ps, happy 70th digger
A man took money in from others, borrowed some more and bought an expensive car.
He wrecked it through careless driving.
Insurance paid out some of the value of the car.
The mushrooms jump up and down, proclaiming what a great thing the man has done!
Look at how well NZOG has trained you lot.
Pathetic.
So do we take it you don't agree with the payout plan (un) balanced ???
I think even you (after feeding the mushrooms) would see merit in this plan