Very disappointing.In the 30/9/23 quarterly AJQ showed $33.4M...

Very disappointing.
In the 30/9/23 quarterly AJQ showed $33.4M debt- $17M secured and $16M unsecured. ADZ has bought all of the secured debt and none of the unsecured debt.
You are right in that ADZ's accepted offer will give zero return to the unsecured notes.

DGR owns all the $16M unsecured notes. How can Mathers as a director of both AJQ and DGR, give away DGR's money to fund AJQ without security when it was is such a bad financial position?
He would have known AJQ's inner workings and still has let it come to this where DGR looks like losing $16M on this high risk loan.

It is much easier spending other peoples money.
There is so much to say but Ill stop here.