I am assuming it is an honest question so here goes: 1. I would...

I am assuming it is an honest question so here goes:

1. I would expect that the details in the financials would include any termination payments so No your assumption re it's better isn't correct in my opinion. Nor is the wording by management confident that its better.
2. It's not failure that triggers unintended consequences it can just be the fact that you have to raise more money. The act of raising money increases the dilutive effect of the conversion.
3. Of course, I am concerned about what transpires if they default - it normally triggers a whole lot of what I cannot control. What I don't understand is that shareholders stumped up A$15 million @35c and I don't believe we had ever had the details of this loan disclosed. In fact, I don't think you have all of the details today either.
4. I have on a few rare occasions been on the failing end of a business and it's been taken away rejuvenated and them come back with a large valuation. I don't like speculative companies in the hands of financiers like this ultimately the 15% plus gets paid for by shareholders anyway. So all the panic around CR last year and all the assurances they raised debt and then came back to shareholders anyway.
5. You are correct that shareholders very seldom get anything in a liquidation but if all the assets can be extracted by the finance company then you cannot even refinance the company under some default processes as the assets are no longer there.