how it looks post-implementation, page-11

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roastman
Post #: 6760448

. . . administrators/liquidators are expensive. In most cases, once this process is started, the only people to win are the administrators.
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From the ACR Noteholder Update 20 April, 2011 (Greg Hall, Liquidator)

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The ACR Notes currently held by Becton (which are 10.96% of the ACR Notes on issue) will be cancelled under the agreement. This will have the effect of improving the proportionate return for the other ACR Noteholders and ensuring that Becton do not participate in any future dividends from the liquidation of ACR.

The agreement also provides for a contribution of $200,000.00 to the costs of ACR in dealing with the Capital Restructure Proposal and an additional amount of up to $500,000.00 for the ongoing costs of the liquidation which include maintenance of the ACR Noteholders register (outsourced to Link), liquidators' remuneration and legal expenses. The costs recovery arrangement applies for as long as ACR holds Becton stapled securities up to a maximum of 5 years and may be drawn on at the rate of $50,000.00 every 6 months in advance. This means that the ongoing costs of the liquidation that arise due to this restructure should not further erode the returns to ACR Noteholders.
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Also : -

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As a proposed major shareholder, ACR will have the capacity to nominate a director (s) to the Board of Becton. Therefore, I propose to nominate a director to the Board of Becton and I will continue to monitor Becton in the future and explore any oportunity to sell or realise value from the Stapled Securities and / or the Options.
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Maybe BOS will nominate a director / directors to the Board as well ?

Whichever way it goes, for Becton to continue operating as a going concern, Chun & Co. may not be having it all there own way anymore.