JadelHas the market been informed as to if Packer is taking on...

Jadel

Has the market been informed as to if Packer is taking on the $63 million at cost or discount from PIF.

I thought I read they were getting $30 million in cash plus note plus securities.

If there is a discount on debt why would PIF not just convert all debt to equity in LLA. Looking at accounts and cashflows if they are raising money at 7.5 cents this would give a fair portion of LLA to PIF.

Then much smaller rights issue and refinance smaller bank debt.

Seems a much better deal and makes PIF the vulture fund not Artic.