Tentative signs of rocket firing, page-250

Debt for equity is a very unlikely scenario

Think about it WBC and NaB will take about $200m haircut on their $500m loans because they are unlikely to want to be major shareholders in a claimant international law firm so they would be handing $200m plus to an offshore bank or hedge fund syndicate then that firm will likely sell the stake for $1b plus back to mum and dads super funds. The offshore vultures will walk away with at least $600m profit for doing nothing. Lose lose for Australia and the Australian banks. I don't see this as a likely scenario. The following entity also would fail because Grech, Fowlie and co who lost their stake would leave taking valuable knowledge and clients with them but the vultures will hold the entity together long enough and spruik it enough to dupe gullible super funds. I'm surprised that rational people think this could really happen.