Ann: Chairman's Letter to Noteholders, page-130

Surely if we roll the directors they may escape with all their entitlements paid out. Speaking to a liquidator recently about the situation I understand that should AZZ go into liquidation they can choose to retain directors if in the best outcome for the company, and apply to a court for a reasonable remuneration for them (it needn't be as high as $1m/yr). They can also keep the wells running etc so as not to lose leases.