Ann: VAH (Administrators appointed)- Sale and Implementation Deed, page-76

I asked what you think. Any signed agreement means nothing at all unless approved. Now you are saying secured creditors will take a loss and not cash but in debt for equity and the unsecured will recover nothing.

I believe VAH was valued at more then $6B as a going concern recently and you are saying Bain will get it for less than $1.5B in debt for equity swap.

I don't think so, what a pipe dream any creditor at all would vote yes to that. If anything like that happens you can bet there will be bondholders CA for compensation coming soon.