afgha holders representation at crs meetings, page-7

lol

Well from my google research

Reading Section 563C and 555 of the corporations act it would appear that we have contracted to rank behind secured creditors.

But have we contracted to rank behind other unsecured creditors?

This is not at all clear, from my reading of varies interpretations of the above laws

Because if the charge over all assets taken
by the banks earlier is overturned and repayments for the last 6 months returned.

The banks will only be able to take proceeds from the specific assets they have a charge over and I would suggest that the large sum obtained for the sale of the wind assets made earlier in the year would be in our pool. Given that asset was in the books at 5 mil not likly to have charge over it for any more.

Im beginning to think that the reason the banks have been making noises about write downs is that a big chunk of their claim is going to go into the unsecured pool.

Rewind your DOCA really makes sense I certainly think their is still some more unexpected twists in this saga just yet.