Originally Posted by
No Idea Either
If the creditors/bondholders (biggest value vote) vote against the DOCA in august and the employees (biggest numbers vote) vote for it then it’s a tie. The administrators then have a tie breaking vote and I think we know which way that would go and the sale will go through. Despite the ructions from a few unions who preferenced Cyrus a few weeks ago, are they now not going to vote for Bain and hence cause a liquidation and the loss of ALL the jobs, I don’t think so. The sale will go through eventually......I hope. Court action may slow the process but because of the Administration process it’s unlikely they will intervene, they haven’t much in the past. Bain is now liable for all expenses that VA incurs and they are racking up a rather large bill, after having spent millions over the last 2 months already, that shows their sincerity and so unlikely they will pull out. And yes, IF liquidated, the AOC, the slots, all the hard won (with CASA) approvals.....all gone. The slots are probably the most valuable asset and Bain only has first right to purchase them but then what would they do with them. On selling them to someone would be an option, but it won’t come to this.....again, I hope.
The bond holders as a group are neither the biggest by number or value, therefore, that group alone cannot stop the DOCA.