I reckon that Seafarms will lose their court case and Project...

I reckon that Seafarms will lose their court case and Project Sea dragon will be placed in liquidation, because

1. The proposal has to be voted on by creditors and receive a majority in $value and majority in number of creditors, which it did. Job done. But it should also be fair to all creditors who should be treated equally, unless they agree otherwise.

2. Employees and small creditors voted for it, as they were promised 100 cent in the $. The landlord voted his entire claim for the balance of 30 years worth of rent, because they were still paid rent during the administration period, and promised future rent when the company came out of administration. Seafarms voted for it as they didn’t want the directors on the hook for insolvent trading or have to start this project over by forming a new com
pany and buying the project off the liquidators. Canstruct got shafted as they only got 10c in the $. You could argue that Canstruct didn’t complete the job, but Seafarms pulled out, and a contract is a contract. Therefore I reckon the proposal should fail and a liquidator appointed.

3. At the end of day Trahar will have to put his hand in his pocket (or the shareholders pocket) and pay up, if they want to pursue this white elephant project.