"The creditors have shown their hands now at what they'd be willing to accept so they can be paid out for pennies on the dollar by A40 too. "
Not sure they showed their hands at all, just look at who the major "creditors" are,
- Jiangxi/JBJ who screwed A40 in the first place by forcing the amended off-take agreements then welching on that as well and also probably the ones who insisted that A40 had fixed contracts in place with SMS, Cape, Primero and Qube as part of the off-take agreements.
- the contractors above who were getting paid $20M/month as part of the fixed contracts for doing very little work over the past year as the offtake agreement with JBJ was ammended and then wouldn't even take the new agreed amount so most of the product was for the stockpiles. These contractors are basically temp hire agencies so they simply moved the workers on other sites and received money for nothing once A40 went into VA and are now lining up as creditors for lost future profits on the balance of the contracts. But once the share transfer is completed the new owner will reopen the mine privately using the same contractors to ship to Jiangxi converters and they get to double dip. Its in their best interest to take the free money offered and get paid again once work restarts, but only if they agree to sell to CHEL & Liatam who my guess is just a front for Jianxi/JBJ & MC led group that outsmarted GXY's bid. Not hard to do when you hold all the cards and get to deal them too.
My prediction is that if Jiangxi/JBJ & MC gets away with taking Bald Hill privately the next move is for Cowan to be stripped completely from existing holders either for NIL consideration or a few peanuts if MC feels generous then use Cowan tenements to increase his share in the new privately owned expanded Bald Hill lithium mine so it rivals Talison's Greenbushes lithium mine in size.
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