Agree Ville, which is why OZL may settle out of court to prevent...

Agree Ville, which is why OZL may settle out of court to prevent a precedent being created (ie no precedent is set when settlements happen out of court).

Would I have bought at 55cents like I did if I knew the amount of debt that they had. Probably. They seemed a bargain at that price with the assets they had and the mines that were operating and the impending upside called Prominent Hill.

The issue that crippled OZL was when the banks did not agree to refinance. If they had as had been expected i suspect things would not have gone so bad. Mind you I am still annoyed at the purchase of that albatross mine a year earlier, and the payment of dividends and the lack of haste in making savings. The bank not refinancing brought a bit of reality back to the Board and executives.

I will be very interested to hear the argument to the court that OZL could have foreseen the banks not refinancing, but I think I will wait in vain as I expect an out of court settlement for a comparatively low figure.