all over, page-101

I'm trying to still understand it all myself. Glencore is able to charge Copperco a "fee" if hedging goes overboard.
Its in the small words at the bottom of the hedging agreement and has a 24 hour payment clause. This fee worked out to be 18m and payable in 24 hrs.Copperco has 15m in the bank. Hence the insolvency.
Apparantly financing was all done with Macquarie. But due to being short by 3m Macquarie have used the opportunity with Glencore to fry all the shareholders of Copperco. Win for all of them because Glencore dont have to pay out the hedges and can pay for copper at market. And Macquarie get there whole debt of 130m back sooner!!
So for a measly 3m a good business is destroyed