asof a dud '2nd chance' deal, page-7

Muss - my last post recognised the 01 Nov outcome - the ASOF DOCA was the only game in town on the day; MST was always a speculative stock; and that's the way the cookie crumbled. Life goes on - it's not a matter of grieving.

I was fully aware that shareholders are not creditors, and of course that's why shareholders rightly did not get a vote at the 01 Nov Creditor's meeting. However I felt it was time to make shareholders more clearly aware of the Courier Mail finding that under the ASOF plan, unsecured creditors will get 'at most 1.3cents in the dollar'. Shareholders are widely acknowledged as being at the bottom of the food chain (i.e. don't count) in terms of a hierarchy of who gets paid in a DOCA situation to deal with creditors. Where I was coming from was if there isn't enough ASOF funds to pay unsecured creditors in full, then IMHO lower ranked shareholders would normally anticipate getting nothing or less than that same 1.3c in the dollar - hardly a 'second chance'.

I do acknowledge the alternative scenario you are highlighting is that existing shareholders may have a so-called 'second chance' down the track because ASOF may supposedly plan to relist on the ASX. I am uncertain if that is correct. However if it did relist with ASOF then holding 95% of the VA-expanded share base, along the way their DOCA would apparently have involved selectively excising at least one significant class of 'unsecured creditors' with a forced 1.3c in the dollar cash deal (rather than just more shares like others), while apparently later allowing business as usual for a lower ranked group - the existing shareholders? I don't 'get it' that this perceived uneven treatment would be normal or acceptable or ethical as a go-forward, or to a successful ASX re-listing application?

I'm also unsure about the potential longevity of any 'second chance' for shareholders, given that ASOF would retain a capacity to compulsory acquire us at any time, if they continue to hold at least the magic 90% mark?

Perhaps you or more learned people might like to comment further on my couple of questions?