Ann: Leo Chan and Kurkye Wong join the Board of Donaco, page-15

Hi NH2

It's actually pretty straight forward.

ASM buys the debt for basically face value, they can do what is called a credit bid which turns the debt into the them owning the security (in this case shares but could be a house etc), that has to be done at a fair market rates. The creditor (ASM) is then owed the difference between what that fair market rate is and what they paid/loaned the debt at.

In other words, ASM convert the debt at 14c and then get to pursue Joey personally for the difference (between 24c and 14c). As Joey is for sometime now rumoured to have settled his legal dispute with the Uncle and got a payout, they might think they'll be successful doing this, to be honest it was probably their plan all along. Quiet clever really.