Seriously? Stop whining and move on. Your point that Kerogen's...

Seriously? Stop whining and move on. Your point that Kerogen's interests are completely misaligned with equity holders and that they are better off bankrupting AJL just doesn't comport with the facts. You have yet to explain why a firm that wished to pursue such a strategy would be relinquishing its debt for equity. This doesn't even begin to make sense.

Do you really expect to sell us on the fact that Kerogen is in some manner responsible for AJL's financial mess? You think they've done more harm than good since beginning their involvement? When Kerogen first invested, AJL was on the brink of insolvency. Since taking a board seat the firm has gone from bleeding copious amounts of cash to becoming more or less cash break-even. I am not an apologist for K, and I agree that the restructuring could have been handled more aggressively, but to lay blame at Kerogen's feet is far-fetched.

The fact that ocp and K debts are collateralized directly by UK assets is a distinction without a difference. In my previous calculation, I assumed that they were the only two creditors with access to those assets. It doesn't change the math. You have yet to explain why Kerogen would prefer 40% of the UK assets + 25mn in principal repayment vs. 60% of the UK assets and $56mn in principal repayment. Nor have you explained why K would convert its debt to equity before forcing AJL into BK.

I can guarantee you that if you approached AJL with $50mn to lend at 13% they would take your money (assuming other terms were reasonable as well).