Ann: Extension of Voluntary Suspension, page-79

never underestimate the power of cognitive dissonance - it's not just retail investors that have trouble changing their mind when the facts change.

I don't think many have said the assets of the company are worth zero, they've said that the equity (what you are buying when you open the comsec account) is worth zero - ie that the value of the trees is less than the value of the debt.

Personally, I can't see why Blackrock would do a debt for equity and expose themselves to the class actions, far better as senior lender to let it go under and enforce security over the assets.

The announcement (if we are believing these any more) said they were exploring debt and equity transactions, not debt for equity, but it's hard to understand who would lend to QIN at a price they could afford to pay, whilst a big sale of equity would need to see QIN through to an inflection point. Maybe convertible debt is being discussed, but surely that would be subordinate to the bond, so still incredibly expensive.

Anyway, we should find out by the end of the month how much was left in the kitty as at 31 March, should make for some good toilet reading.