OK, I've read the link and I take it back about you talking...

OK, I've read the link and I take it back about you talking nonsense and apologise. My preference for being wrong is seldom and for a short duration.

However I think you may be making an assumption that the assets are sufficient to cover the senior secured debt, in which case they would swan off with the assets and leave the empty husk for the unsecured. However, I find it hard to believe there is a buyer at prices greater than the value of the debt. That would leave the bondholders in a position which would give them a voice at the table in the event of liquidation:

1.3.6 Secured Creditors Can only vote for the difference between the value of their registered security and the amount actually owed. If a secured creditor votes in respect of his or her debt or claim the creditor will be taken to have surrendered its security.​

But this is all pretty academic because the point at hand is whether there is likely to be any residual value for shareholders - in the event of VA, I simply can't see a way that could be true, because not only do QIN have liabilities > assets, they also need a large infusion of cash to keep the lights on. Anyone willing to provide that would be unlikely to be generous to shareholders, or want to expose themselves to the multiple class actions that are on the slipway. The most likely outcome is that the bondholders take the secured assets and negotiate a deal separately to recover some of their losses, entirely apart from QIN.

As for the rest, I am a long short trader - I don't work for anyone else, and I was short QIN from 1.35 to around 40c, and I regret covering.