All this hope about PLS to acquire AJM, how much cash do they have ? Not enough even to repay AJMs loan at par value and even if they used this war chest, how would they then finance POSCO, another CR ?!
You better hope NY funds don’t want to enforce their legal rights (because will mean SHs will get zero) and will sell their loan at par to a new creditors that administrator finds.
IMO NY creditors are debating to take over AJM (via debt trap) and then down the road flip it for a higher value. If they decide to do this you can write off every single dollar you invested in AJM.
Ann: Appointment of Receivers and Managers, page-95
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