OK so as I recalled, confirmed the exact wording of the clause is not known to the market. Double checked the conference call transcript (http://finance.yahoo.com/news/edited-transcript-pdn-ax-earnings-080002199.html):
"The key here is how the definition of the option is set up. So, it may be that despite the fact that Paladin is not insolvent, it may be that our restructure proposal has triggered the option. It's not actually 100% certain. It would be a very grey legal question for example."
The exchanges with ST (Patersons) and GL (UBS) are well worth a read if you haven't already - based on half the posts in here would guess many have not. AM discusses the potential scenarios around the CNNC clause in more depth than we've seen in anns.
If I've missed something any any of the dozen folks posting opinions on the likely outcome of the legal challenge actually know the wording of the clause, would be glad to see it.
Ann: CNNC Purports to Exercise Langer Heinrich Call Option, page-158
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