I could be entirely wrong.... Sometimes the market takes an...

I could be entirely wrong.... Sometimes the market takes an entirely different viewpoint on these sorts of transactions, as it does at least offer some form of certainty. Unfortunately, the deal looks bad for nearly everyone, as PP points out, BEC has negative NTA and is virtually worthless. Realistically, a better result may have been obtained if they could hang on for a while (hoping property values improve) and liquidate. Unfortunately, without a crystal ball, who knows what will happen with property values. Hopefully the note holders etc won't end up being paid with worthless shares. At this stage, I am assuming they are worthless until proven wrong. Propunter, you seem to have researched this quite well!