ZZZAAAZZZ said:
"Remember in a liquidation AFGHA isn't going to get a cent. Don't vote for a liquidation!"
I believe you are correct in saying that note holders rank behind all unsubordinated debt. I looked at the Notes Prospectus and Clauses 11.5 and 11.6 make this clear.
However what alternative to liquidation do you think could give a better result?
It seems our best chance of getting anything is to enlarge the pool of funds to be clawed back as much as possible.
Liquidation may enable claims for undue preference etc (the $400m refered to in an earlier post) but that alone will probably not be enough to enable a payout to note holders. Legal action against potentially liable parties seems our only hope.
Does liquidation or a scheme of arrangement give us the best prospects for litigation?
afgha, page-20
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