Deutsche bank sees an outcome for Deutsche bank. Deutsche bank has been given the security that Nedbank had plus they have taken additional security which must be substantial to ensure that Deutsche bank does not lose out.
In your comments you continually neglect to include the interest that PDN continues to accrue on its debts. When the last report was released interested was being accrued at approx $10 million a month. So that is about $40 to $50 Million since then.
We do know why EDF "skittled" (in your words), the last proposal. The security that PDN provided to secure the prepayment had reduced in value and EDF wanted more security. An independant arbitrator agreed with EDF and EDF were then entitled to ask for their money plus interest to be returned to them.
It now appears that Nedbank will get out of the deal with PDN with what is owed to them thanks to Deutsche bank, and Deutsche bank undoubtedly will have ample security.
EDF were the main security holder and they should get away with getting their money back as well. As long as someone buys LHM at a reasonable price of course.
As for the non-secured bondholders, IMO there will not be enough money to pay them out and they will lose money when whatever money is left over is payed out at x cents in the dollar.
PDN Price at posting:
4.7¢ Sentiment: Sell Disclosure: Not Held
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