I've checked. It looks like the loan amount is actually $48.3m. The security for the loan is APT's interest in Allco SIF. So Allco may get their money back - but it will be messy with the administrators.
That might explain why they were able to stave off the margin call for some long. Presumably the cash went to placating the margin lenders.
I still cannot quite believe that they sanctioned the use of AFG's money to try and save thier own personal fortunes (because that it is what it looks like). Still it looks like somebody (thank goodness) at least 1) made it a decent rate - 15% (but a bit irrelevant now) and 2) made sure there was some security (although quite what is worth now remains to be seen).
loan from afg to api, page-3
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