50/50 in my mind. The land alone is not worth the amount owed. Nowhere near it. The DA and change of use is of higher value.
For what it's worth, announcements have always stated that a refinance is planned, and transferring the asset whilst refinancing is not uncommon, nor are preconditions to the finance (civil works, DA, etc.)
I'd be happy with any amount - but the full loan value would be a big win.
Ultimate play here (in my mind) is to sell off the entire business once loans/debts are dealt with. $1k+ per service point is more than reasonable.
LPE Price at posting:
11.5¢ Sentiment: None Disclosure: Held
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