Originally Posted by
Lead Balloon
It is a great read. A masterclass in the applicable provisions of the Corporations Law and the machinations of Bain and the administrators.
A 'masterclass' that was rejected by the Federal Court.
Originally Posted by
Lead Balloon
I wouldn’t share your dogmatic view, Mick.
That'd be your prerogative. You say dogmatic, I say pragmatic, dogmatic, pragmatic, let's call the whole thing off.
Originally Posted by
Lead Balloon
The bondholders aren’t still fighting just for ****s and giggles. They may lose, but I wouldn’t say they have lost already.
Their application to the Federal Court was dismissed and they wore a costs order to boot. That's a loss.
They haven't sought leave to lodge an appeal. There's no sign that they will circulate an alternative DOCA to creditors ahead of the second creditors' meeting. In fact, they made the public statement,
"Unfortunately for now, we are left with no choice after the Federal Court decision but to withdraw our proposal as it is not possible to complete due diligence and present a substantially unconditional deed of company arrangement to the second meeting of creditors."
So, where are they still fighting?
They did say that,
After the release of the administrator’s report, we reserve our rights to take whatever action is necessary to protect our interests as creditors.
Said Administrator's report is now in their hands so I guess we'll see if they elect to get back in the fight.