"The Court will only approve the transfer if it is satisfied that your shares in Paladin have no value.
In order to determine the value of the shares in Paladin, the Administrators have engaged an independent expert to prepare a report setting out the likely return to shareholders if the Court refuses to make the s444GA Order and Paladin is placed into liquidation (Independent Expert’s Report)."
Maybe Independent Expert Report should also spell out likely return to BONDHOLDERS if placed into liquidation too.
Ann: Letter to Shareholders, page-23
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