Originally Posted by
Sunfish
Mick, with respect, NO. You can’t extinguish the bond holders rights without liquidating the entity that issued the bonds.
Well, we shall see.
Originally Posted by
Sunfish
If the bond holders go under then EVERYONE has to go under and that usually means liquidation.
That's a load of tosh. You seem to be completely ignorant to the notion of classes of creditors. The bondholders are unsecured creditors; save shareholders the bondholders are at the bottom of the pile.
Originally Posted by
Sunfish
I don’t give a flying #$%^ what deloittes, Bain, Virgin, GT says, this is the stuff of multi year court cases because each situation is different.
Of course because you are far better informed than two global entities.
Originally Posted by
Sunfish
Pari Passu means that all members of the same class of creditor have to be treated EQUALLY.
Emphasis on 'of the same class'.
Originally Posted by
Sunfish
And to put it yet another way, the idea that 51% of creditors get to screw the other 49% is bull**** for the same reason.
Well, that is exactly the way that the vote on a DOCA goes. So long as all creditors within a class are treated equitably if 51 percent by value and number vote for a DOCA it passes.
Originally Posted by
Sunfish
... there is nothing sacred about a ‘’deed of company arrangement” - it’s just like a union ambit claim.
You are trying to rewrite corporation law there. An approved DOCA sets the basis for the continuing operation of the business.
I'm not going to get into yes it is, no it isn't to and fro. Let's just see where this lands in six weeks time.