my point exactly - directors will take any deal that satisfies...

my point exactly - directors will take any deal that satisfies the creditors, shareholders are the last priority here.
Forget about NTA, same as the CBA debt the face value of the debt has no tangible value in the market.

Look at the Allco and Babcock debacle to see how it all unravels when there is too much complexity and too many parties involved with only self interest.