An unholy Trinity: USD 125m < 10 mths to resolve....., page-545

Holders appear to be jumping around all over the place. What exactly is the cause of action AJM holders are trying to argue? What are you going to tell the media such as ACA? Perhaps - Our Company was in financial difficulty and our secured creditors took action? Hmmm.
There seems to be 3 schools of thought:-
1 - Noteholders acted before waiver deadline - This is just noise. Unfortunately no one has provided a valid reason why they couldn't act a few days before. Perhaps your own Directors asked them for an extension as they couldn't meet that timeline? Or perhaps noteholders simply asked the question. If so the deadline was void and creditors acted! Point is, to take action or make accusations you would need to know the full facts and conditions of the waiver and I would imagine Directors would be screaming from the rooftops!!
2 -  AJM had a deal to refinance which was imminent. - Ok, put it up. The Company is now in the hands of the Receivers. It is their job to look at any proposal and will act under strict laws.
This is the time when legal arguments usually arise in situations like this.
Once cards are on the table then stakeholders may argue which is best course to take and any suggested illegalities can be argued.
3 - Australian Super is somehow negligent and misusing funds. Huh!? Again, no information is known on how AS assessed the proposal and the risk analysis that was done in regard PLS proposal. This argument also supports the secured noteholders actions as it suggests refinance of AJM existing facilities is not credit worthy even with other factors thrown in!
It would appear to me that AJM holders should be contacting their own Directors for answers before launching scatter gun blame game attacks.
The process is now started and you should have your answers soon in regard how AJM Directors intended to proceed.
Only then, you perhaps might have a coherent argument in regard any wrongdoing and worth of any action.
Getting into a lather from thought bubbles seems counter productive and anger appears directed at the wrong people. I would certainly be looking closer to home until other info available.............