Have a read of Thursday's announcement regarding the binding conditional proposal. Specifically:
- Schedule A (g) (1) - (4), inclusive (p.4);
- Schedule A (h) (4) (p.5); and
- Schedule A (j) (5) (p.6) (relating specifically to the issuing of new CNs).
In short, what you are suggesting is prevented under the current binding conditional proposal that is currently in force between BMM and POS (i.e. the granting of a new loan to POS by AF to enable early repayment of the existing CN, thus gazumping BMM's newly acquired CN, in favour of the new facility with AF).
These guys, and the corporate lawyers that represent them, are not stupid.
Ann: Poseidon receives binding conditional proposal, page-120
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