'Administrators must provide evidence to demonstrate that value breaks within the debt stack and that existing equity, which sits as a subordinated class of claim, has, but for the recapitalisation, no value in the securities.To obtain orders, administrators are generally required by the court to comply with valuation rules set by ASIC, to satisfy or have obtained waivers around financial disclosures, to have satisfied Australian Security Exchange (ASX) and anyForeign Investment Review Board (FIRB)requirements, and to have allowed contradictors to oppose the application.'
What is stopping Galaxy making another superior DOCA bid at the 11th hour, thereby demonstrating the securities would have value, and then contradict the 444GA application?
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