@Trial99
Realistically the only way for AZZ to avoid administration is to pass Resolution 1 (with 75% majority) - Given that 13% of the Master Fund will likely block it, and that rational noteholders would not take on equity style risk for what they have been offered, I would imagine administration is just around the corner.
I believe we will see first evidence of this by how many Noteholders vote for the Investigative Accountant to be appointed on 21st March. If this gets approved, you would think those same percentage would be voting against Resolution 1.
I must say I do feel somewhat glad that the Director's right now have no idea as to their future.
Will they still be earning their $1M salaries, will they soon be required to pay back their personal loans?
Their financial future is dependent on how Noteholders act and vote - sound familiar, karma's a b**ch.
I hope the next 21 days goes very slowly for them, and they are as anxious as we were the past 6 months.
Then after their wait, I hope they suffer exactly the same fate as us - hear what they expect, but have been dreading. Just wish there was a way that the final vote count could be delayed by 6 months, not just 21 days they have to wait....
