alternative proposal- 48c raising?, page-32

...."I think if the board were to announce a rights issue as a matter of urgency after the NO vote, the banks would in all probability hold off and wait to see the outcome of the rights issue."

BigSky, totally agree with the overall sentiments of what you say except that AM and the Board should have ALREADY asked the banks. The problem I suspect is that the relationship between AM and the banks is so bad now that it's likely much of the banks' intransigence is probably personal towards AM and his Board. And now of course, on top of this, you have the massive conflict of interest with AM counting down the days when he takes over the fire sale assets under a more personally preferred umbrella. I often wonder what the outcome would have been if a new CEO - with a bit of carisma, some negotiating skills and no baggage - had stepped in around February