Originally Posted by
TBM-Legend
https://www.smh.com.au/business/comp...10-p55auo.html
Interesting comments from Judge Middleton. I'd imagine that two DOCA's will be served up to the creditors in August. Proper process I would think. Someone will hopefully be accepted and let the process begin. Good luck all...
Hmmmm So- without wanting to 'go' into 'it'- and ex Mr 'TBM'.... and the posted article.....
Quote #1 (
bolding):
Federal Court judge John Middleton dismissed the bondholders' request for the documents after putting the administrator ('on' Notice, that is S28- faks me) notice to share information with bondholders to avoid a legal battle. He left the door open for bondholders to return to court if they were concerned about how the process was being handled by Deloitte.
"The administrators may have to make some rather hard decisions about how much they do disclose information for the purposes of the second creditors' meeting. If they take a particular approach the second creditors' meeting may become litigious," Justice Middleton said.
"I'm just... warning is putting too fine a point on it I may say," he said.
He said it was in "everyone's interest" for as much communication as possible to flow between administrators and creditors as this would alleviate concerns and allow people to gather information to consider the options available.
Quote #2:
Mr Jackman told the court his client had been confused by a public statement by Deloitte that the sale of Virgin was a done deal, given it now claimed Bain will also be putting forward a DOCA at the meeting."We are confused as to how the administrator, no doubt with advice, has come to the conclusion that it is a fait accompli and whatever happens at the second creditors' meeting can't change the asset sale to Bain."
Bondholders welcomed Justice Middleton's comments during the hearing and said they looked forward to working with administrators and other Virgin stakeholders to present their recapitalisation plan.
Big Tent and Swag for this Rodeo- reckon......, but, shall not 'push'/nor pontificate.....
rgds all- be well
S28- BE