Oh, and another fallacy in your logic.
Merrily Lynch probably does believe the Fe mines are worth more than $200M. Which is why it's taken out a loan over them (or may be about to? who knows in the magical mystery tour), so that when ADY goes teats up in 6 months, ML owns an asset worth >$200M and can send in the toecutters to sue Besalco out of existence, consolidate the lot and flog it to Shougang for $400M. Plus jam.
Oh, and if this all happens before the RLL demerger, which in my opinion awaits ANZ returning PT's shares to him, then ML gets Rincon for nada.
Hardly a problem for ML.
ady up 20 percent, page-5
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