a few questions, page-6

"Then the shareholders come very last and may have to wait few years to get a cent or two a share, most likely nothing."

Debt is some US$600m after the sale of Martabe, to declare holders are likely to get nothing sounds like a gross exaggeration. Liquidators will sell for what the market is willing to pay in the current climate, which I doubt is 1/3rd of the valuation made at the nadir of the cycle.

"Real truth mypravda is that dog eats a dog."

I don't think anyone believes otherwise, it is for this reason insto's will vote it down if it the figures no longer add up. Minmetals gain is anothers loss. I agree with others that it will really be up to the large holders to decide this, and I think their best interests likely align with my own - so I'll ultimately be content with either outcome. If it's voted through, then I guess the reality is as dire as Michelmore makes out. But the way he and the board talk up the MM deal and so readily dismiss alternatives gives me reason to pause.