I think Joewolf makes some good points. I think he is right that...

I think Joewolf makes some good points. I think he is right that the conversion will also help with the considerations of the accounts, going concern etc.

To my mind the hybrids were always the same as equity and I have said so in the past. Whether holders want to challenge or not, they may, but I think it is pointless for these reasons;

1) if they challenge then the whole thing goes down the gurgler as hybrids will receive nothing in a liquidation. So if they want to argue it is not a going concern and that you cannot convert in suspension then your outcome would be zero.

2) If there is a conversion and Gunns manages to restructure there is a chance that you may get some, albeit small return.

So I guess they have to make a choice. Do I spend money on legal fees for the certain prospect of zero return if I am right..or do I just go with the flow and accept my fate.

Logically it is obvious but human beings are often not logical and legal action is clearly possible as Joewolf states so well.

Lets wait and see...