A growers perspective, page-33

No that s not correct. The liquidator then secured lenders and employees would be paid first but the shareholders will get the residual amount split equally per share regardless of the amount of shares they hold.

So yes if they go under due to cash flow problems they may still give a return greater than the current share price. Crunch the numbers yourself of course. The directors must go into administration the minute they suspect they may not be able to pay their debts. I'd say that would be before the options are put.

There is some debate how much that will be sure but the Great Warren Buffet has made investments and has made profit this way. That is buying a share of a company he knows is going under but has more assets than it is current trading at then just waiting for the liquidators to pay.

So given the situation you can consider how the chips may fall. Most of the value is in the tress, land, rights and IP not cash.

Moody nor S&P saw either the tech wreck or the GFC coming. The future is hard to predict.

Good luck.