Ann: Appointment of Macquarie Capital (Australia), page-4

I am still wondering why this option is only being considered now, one year in.

I reckon it boils down to one of two things:

1) the cash is mostly gone and the only way Credit Suisse can get paid now is if the mug shareholders put more money into the company. This means BND will likely have to raise $150m and be left with $70m to get on with it.

2) There is a potential legal challenge arising from Credit Suisse attempting to strip the assets and cash of all the companies, even those to which it has no security, and the best way to subvert this is to do a bundled 'deal' which would allow them to strip cash from companies to which they have no security after merging the entities in some make believe DOCA.