Do you think it may be that PLS gave the same offer to AJM directors but they rejected it and didn’t tell their creditors? Whilst they tried to talk their creditors into an inferior deal? I wouldn’t be so sure that it was the creditors that broke the trust ... with so much skin in the game and such high stakes for Directors, it could have been the AJM directors that broke the good faith between the parties.
Ann: Appointment of Receivers and Managers, page-339
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