MIN's debt will be senior to any equity interests, including...

MIN's debt will be senior to any equity interests, including their own. In the event of a liquidation they will be in the box seat (even more so than they are now). If you add up MIN's total "investment" (debt plus equity) it is around $24 million. Whilst there is no GSA (that I am aware of) over the assets, their $15 million of debt could actually buy them NTA of well in excess of that $24 million, particularly since any liquidator will look at the written-down value of the assets (and I suspect that we will see a further write-down of the Red Gully reserves, which plays straight into the plans of MIN). That will then deliver the other scraps of EGO to MIN "free of charge". All I can say is "Well played Mr Ellison, well played".

(NB: this means that minority shareholders take it up the jacksie big-time - but thems the breaks I guess).