guys, rewind is right, the senior debt always ranks ahead of...

guys, rewind is right, the senior debt always ranks ahead of other unsecured debt, and allco confirmed that with their ann.


the issue is, whether afgha holders get anything back or not rests entirely on what they are able to sell the shipping and aviation assets for, and that is not looking good at the moment.

the afr said the libermann family offered allco $300m for the shipping and aviation assets which allco knocked back just before they went into admin.

that is sligtly above book value but well below the $500m odd market value allco ascribed to the assets in the june 30 report.

also, if you read that report carefully, allco has used that $500m to offset the mark to market losses for the aep investment which it still values on the books at $5 even though aep's share price is $1.80. that's how they come up with the supposed $80m odd extra value that isn't reflected on the balance sheet.

so basically we are starting $200m down, with no offsetting increase in the aviation and shipping

if allco only gets $300m for its prime assets, where on earth are they going to find the other $370m they need to pay off the secured creditors

imo they need to get above $450m for those assets for there to be any hope

and the longer this goes on the more goodwill is destroyed, and key staff will leave en masse, destroying even more value.