Anchorage Group & Sankaty takeover for McAleese, page-7

Either that or the independent expert is holding things up. Both theories are plausible.

It would make a lot of sense for the private equity firms to have another crack now that the banks have sold off the debt with an $84m haircut. However, if they had approached the board, we should have had a market update or trading halt.

On the other hand, no truly independent expert could sign off on this deal. The de-listing is unnecessary, the pricing of the notes issue does not recognise the value in the existing equity and underwriting fee is excessive.

The only thing we can be sure of is that this saga is going to drag on for some time yet.