beibu gulf valuation, page-8

Why would an investor who values his money invest in PSA before finding out what will happen with the Lehman's debt this month?
There seems to be a game of double bluff going on between PSA & the Lehman administrators at the moment.
The administrators might be encouraged by the latest PSA presentation in that PSA still have big plans for the US business and decide that there is no need for them to take a haircut on their debt.
It doesn't seem to be a binding MOU that they have entered into and either party can walk away from it.
Also an investor cannot rely on PSA getting debt funding to develop BG until the ink is dry on such funding.
It seems to me that TF believes he can leverage up the shareprice quicker by reinvesting in the US and selling his BG stake to ROC/HZN.He is the eternal optimist in his US business but given the very large amounts that have been lost there over the last 15 to 20 years why would any investor front-up for another beating.