AFR article post BRTV creditors' meeting, page-19

Yep around 45m seems right owing to FC Capital on some back of the envelope calculations.

If BIG utilised the full 20m sponsorship facility then they would have had a total liability as follows;

	Column 1	Column 2	Column 3
0	23.4m	Held as security	Seemingly already taken by FC Capital
1	20.0m	Working capital	The sponsorship facility
2	13.7m	Commissions	That were paid to FC Capital

Total original amount provided by FC Capital: 57.1m approx

As BIG defaulted they are liable to return the original amount provided as well as a the cancellation fee (another 13.7m)

This would bring it to 70.7m. Now given the reported cash balance it would seem FC Capital has already grabbed the money held in security and sold the balance of what was owing to them which would have been 47m if BIG had maxed out the sponsorship facility. I suspect that at some point FC Capital stopped lending new money on client acceptances and BIG managed to get enough acceptances to bring it down a bit.

For those that still don't quite understand I did a more detailed post a long while ago here
https://hotcopper.com.au/threads/big-an-analysis-of-the-announcement.4040635/?post_id=31320115


Question I want to know the answer to is why FC Capital was able to grab the money in the security deposit account and run. Seems BRTV was kept alive just long enough to allow FC Capital to recover as much as their money as possible.