it's a $22m Creditors claim, it's a liability that lumps in with all other liabilities and then total $$ received as Proceeds collected by those parties that owe money to EVGLL will be proportionately applied to all equal ranking Creditors claims.
but yes, nowhere near the full $22m will be collected, it isn't expecting to be, but a much large portion (pro rata) of the Proceeeds from Debtors may be.
It doesn't change that $22m of legitimate and accepted costs had been spent and is "sunk cost" with no likliness of full settlement, but would you be happy if it was paid back as $500k, $1m, $2m or $3m ?
it may turn out to a very stategic cents on the dollar settlement, we'll have to see and await further updates of the Liquidator's progress, defnitely not a bright spot, more like a dim glimmer within the Accounts.
AAU Price at posting:
0.4¢ Sentiment: Buy Disclosure: Held
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