Ann: Supreme Court appeal, page-7

I think your right jdidley.........given the balance sheet and price of coal futures BRL's options to raise funds for the court loss was probably not going to succeed'.

BRL's current hedging positioning, being somewhat controlled by Talleys, is only 15% of yoy export which combined with the poor balance sheet would make it difficult to raise funds from the bank.
Company has certainly got it's back to the wall and appears all bought upon it by management decisions.
BRL might be buying some time because of those hungry bond holders.
You have to raise questions over BRL's ability raise funds for the JAL venture whilst the court loss hangs over their heads.

I wonder if they will do another buy back while waiting for another court loss.