Ann: Update and Addendum to Notice of Noteholders Meeting, page-3

And there you have it. Administration is not in anyones best interest particularly the very large note holders who appear to have flexed their muscles in attaining board representation, security over the assets and an "exit payment" of 10-20% on top of the value of each persons notes. JC also paid back the home loan in January off his own bat to avoid having to sell Breitburn shares.