why call administrator now, page-46

below is a link to the allco notes prospectus.

http://markets.news.com.au/Announcements/2007/0524/00723766.pdf


note page 36

(a) Recourse limited to specific assets.
(b) These facilities are senior ranking unsecured against Allco’s investments.

Interest-bearing loans and borrowings – recourse(b) 580,000

Interest-bearing loans and borrowings –
limited recourse(a) 5,934,845


The higher amount 5,934,845 was denote (a) rather than (b)

is this a technicality notes holders can use in their defence to justify that only the value of 580,000 is senior rank to AFGHA and not the 5,934,845 value.. as specifically demonstrate in the prospectus.