Ann: Result of Noteholder Vote - Capital Restruct, page-10

re: Ann: Result of Noteholder Vote - Capital ... "
21/06/11 00:10
Ambitionite
Post #: 6851240

Re: the business

I still have a hunch there is a fairly good reason BOSI and ACR have acquiesced to taking a PERMANENT (i.e. not a forcibly-liquidated) stake in BEC - the business is worth A LOT more alive than dead, and now they're committed to keeping it that way.
"

Regarding your "hunch" (with regard to ACR), you are correct.

According to ACR's liquidator (PWC) : -

"
The alternative to entering into this agreement is that Becton would most likely be placed into some form of insolvency administration (e.g. voluntary administration). As BOS holds security which ranks in front of ACR's unsecured debt, in the event of an insolvency administration there is a high likelihood that ACR and ACR Noteholders would receive no further dividends.
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As far as ACR Noteholders are concerned, many of us understand that PWC allowed this situation to develop over the past 4 years with their acquiescence of Becton's repeated pleadings over the time for the many delays to their promised payments.

So it will come to pass that very soon (against my wishes) I will be holding a significant chunk of Becton ordinary "stapled securities".