MBN Class Action2, page-246

ru, the directors have to help the VA. But I suspect that the only one who would be really useful to them would be Maryse. The local CFO should be much more up-to-date with the situation than the Oz based FD. Directors are often of limited help anyway, after all, they are the ones that steered the ship onto the rocks and having them bleating that "if the wind (read here: Ni price) would just have changed a little earlier it wouldn't have been a problem" is tiresome and irrelevant.

Operationally the most important thing is to decide if the mine can be kept running. So getting an accurate cash flow is important. Administratively this will be complicated with a Brasilian subsidiary; FH will need to engage legal beagles with knowledge of Brasilian and Australian insolvency law, you've got time differences and language hurdles, different employment laws, mining laws and probably a couple of cultural things that you couldn't possibly expect to know about ("Why won't anyone answer the phone at the mine?" - "Ah senhor, é o festival de Santa Rita, todo mundo está de férias por dois dias").

Then there'll be discussions with Banco and the CN holders, asking what they will do (trying to find out from the Brasil legals what they can do), funding arrangements if the mine is still to operate (I seem to recall reading somewhere that Bradesco have some sort of a lien over the receipts from Norilsk and any successors to the take-off agreement, that would take away any working capital from MMB).

Fairly well-organised chaos. So don't expect too many detailed answers on historical COP, FOREX, directors' culpability for anything, why they won't have $100m in the bank by December or anything like that next Wednesday. Not important right now.

ramblehe, you asked about the derivatives. It's a mystery to me. I can't see anything in the prospecti about it being treated like that. The first mention seems to be in the 2014 annual accounts. Unless there is a conflict somewhere I don't think it matters now, though, as the deed specifically says FV due immediately a VA is appt.