What seems to be missed by the market, are the mechanics behind...

What seems to be missed by the market, are the mechanics behind what they are suggesting.

Say the bank was willing to fire sale.
Say they were in control and want to cut and run. Offloading mc for a discount to debt.
Firstly, I agree with you about shareholder input.
Secondly, the reality is, that either the $68 billion dollar fund in the name of Allan Gray. Or the $630 billion dollar fund in the name of GIC. Would very swiftly refinance ARI if it meant key assets were given away to appease lenders.
What's the problem? Bank Pressure!
Let's piss the lender off and sell on our terms as it suits us. Less than $2b, hardly a challenge for either fund to come up with. As well as being secured against a $271m ebitda. Interest is less than $79m pa.
I don't think either of these funds want to look stupid, or have anything sold out from under them.
The cleche is being reported. Bank steps in, company fire sold! Yawn.
The reality is. Nine bidders, two strong major share holders able to refinance in an instant.
Two strong businesses with strong ebitda.
The notion that the iron ore side will suck the life out of it until it dies, is dramatic and sensationalist.
I can't see how these assets are going to be sold to just meet debt.
I don't think anybody on the board or the register is that stupid.