Excitement of being in administration, page-4

• If the company had been granted the extension, the onus to maintain the leases would have fallen squarely on the shoulders of equity holders not noteholders The company could have tapped the equity markets to at least maintain leases or even raise enough to buy some better acreage whilst there was so many distressed sales. Given noteholders had priority over the first $49m , equity holders (including JC would never had a chance of recovering a cent unless the leases were maintained to be sold at a higher price ( oil has doubled since the sale process was forced on the company in Feb 2016 due to redemption notices at the bottom of the market) Equity holders would have had to swallow a big dose of dilution but still would have had access to capital markets. Noteholders would have been without interest but still had all the assets maybe more. But certain commentators here new better apparently . FTI sold Permian acreage ie Northern Star while on the outer fringe it still had a well that produced very good results for $300 an acre. What a joke. Sure it wasn't $45k an acre land but they (FTI ) realised it wasn't the easy fee grab and made it clear in their creditors report that they just wanted to get paid and get out and what a firedale it was.Pushing the company into admin - Aurora and the cozy noteholders working group has resulted in noteholders getting nothing as well . The fund manager from Aurora that led the "lets get our money back through administration" Isnt even there any more. Perhaps the oversight committee of his "CONSERVATIVE " income fund mandate didn't like that he invested his conservative fund clients money in such an investment. When the interest stopped rolling in ,Aurora needed to get their money back out ASAP as I don't think holding debt in an speculative oil and gas company would be classsed as conservative .
• I don't care two hoots about what JC is or isn't , but he was AZZ best chance of getting something back even if only for self interest of is own 10m shares. Administration was repeatedly highlighted again and again as the quickest way for everyone to get nothing , and so here we are .