In last years financial report there was $59.9mil "contingent liabilities". My presumption is that this was for the Sedco claim. Is that correct? If so, that has now been changed to a $30mil actual liability.
The net assets then were $309mil. Given that Crux was I expect overvalued for a fire sale, I expect that's too much, but the reduction in contingent liability will make it look a little better.
If, as has been stated, there was an offer of $175mil for Crux, accepting this (if it is still available) would pay off the $146mil debt and the $30mil Sedco claim leaving Longtom & Echuca as company assets. Seems like that might be the most sensible thing to do to save something for holders?
forced sale to pay sedco claim?, page-7
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