The recent history of MIS projects that have become insolvent in...

The recent history of MIS projects that have become insolvent in Australia (read GTP, FEA, TIM, GNS, Wilmotts, Rewards, Australian Bight Abalone, etc ....) reveals that the growers end up with nothing. (those who ignore history are bound to repeat it)

The Put option holders will need to play their hand very carefully. Whilst they may be able to exercise their option soon, they don't get a payout for another 12 months.

If the company becomes insolvent and goes into VA before payout, the put option holders become unsecured creditors and have to take their place in a likely long queue. (It's like holding an insurance policy from a bankrupt insurance company, anyone remember HIH?)