I'd personally call it a longshot on NXT's part and don't really rate their chances.
Don't act like Tony Pitt is some mug, it will end in litigation or a favourable settlement to TGP before they walk away.
Winding it up is in NEXTDC's interest, it's not going to be in APDC holders interest unless at a significant premium.
I don't see how it's relevant what any shareholder does with their capital return. The arguement should only be around whether the gearing levels are reasonable.
Think about those statements as an objective third party.
NextDC is not a disinterested third party as they are the likely acquirer of the assets.
The DataCentres going cheaply to NextDC don't affect only TGP they affect all AJD security holders.
TGP can raise capital capital at any stage if they so desire. And could still bid on the assets if sold off.
NXT has already been palmed off by the takeover panel once.
I can't see a judge looking at this favourably as a means of NXT trying to acquire the assets when their are appropriate market means of doing so.
Even as an NXT holder I do question some of the actions of AJD board from an AJD holder point of view.
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