The New Directors DOCA as I see it, has no potential to continue trading for the mine site. No one would put any money in, so it is in effect a wind up DOCA, and a FH Feed Me DOCA.
Estimated Total Return to Ordinary Unsecured Creditors Best 0.12
Worst (likely) 0.01
Am I right in reading the terms of the New Directors DOCA allow for at best case 12 cents in the dollar for Unsecured Creditors(less Shareholders), and worst Case 1 cent in the dollar for Unsecured Creditors. (most likely)
I don't believe that Cornell and HAR will accept this directors DOCA- so liquidation fire sale (new company buy in most likely), with 0 cents in the dollar to be realised.
I am also amazed that the big shareholders haven't caused more of a stir. No real, real big hitters I supose.
Real Dissapointed to see ASIC's no care, and also FH use that against us small shareholders.
Butch
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The New Directors DOCA as I see it, has no potential to continue...
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