Ann: Gippsland Debt Restructure and Recapitalisation Proposal, page-2

First reaction, here, was like a hit on the head with a Thor stunner, I've been wandering around dazed for most of the afternoon and nearly caused a serious car accident on the way home.

http://archives.chicagotribune.com/...cle/thor-develops-air-device-for-slaughtering

Thankfully(?) it must have misfired because I've still got a couple of mental processes.
Upon reflection, I suppose it doesn't matter all that much what the reconstruction is, I'd sort of built a case in my mind that the best outcome could be 1:30 or worst case 1:100 - I was ascribing value to a potential Egyptian claim, tax losses and shell value in the former, and shell value only in the latter.
Thanks to Mr. G who has taken a double whammy, and to other unnamed creditors for giving the company another chance.
The reconstruction itself, well, what difference does it make, we all hold exactly the same percentage after it, as we did before. It's what comes next that is problematic. Seven for one at 1c per share (post reconstruction) is what it takes to stay in the game. If it happens we are back to approximately 160m shares on issue but still only, roughly, $1.3m, say, in the bank to take the company forward - plus we don't have a clue what the next project is going to be or when it is going to happen.
Look, it's a disaster, BUT, what's the BUT? The BUT is it's a possible escape route we are being offered, I'll grasp this straw because obliteration is the alternative.
B22.