I think they were too close to the problem, large holdings can lead to emotions clouding the thought process. The company was doomed a long way out but accepting the terms of the SS offtake was the straw that broke the camels back.
Put yourself in note holders shoes, your payments keep getting capitalized but you accept an offtake that an independent party considered not fair and reasonable?
Mis-step after mis-step
Ann: PLS: Altura Creditors Approve Deed of Company Arrangement, page-63
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