Heh, interesting.
One for the conspiracy theorist - If QLD govt wins court case Linc must pay within 30 days or the notes immediately become, due and repayable at their principal amount together with accrued interest. Could it be possible that convertible note holder/s somehow got to someone in the govt to help them trigger a defined default event and trigger armageddon for existing holders?
in the original convertible bond prospectus section 10d describes this "Event of Default" that triggers immediate payment of the face value of the convertible bonds:
QUOTE
a distress, attachment, execution, seizure before judgment or other legal process is levied or enforced on or against all or any material part of the property, assets or revenues of the Issuer or any Subsidiary of the Issuer which is not discharged, removed, stayed or paid within 30 days
ENDQUOTE
10g
QUOTE
(g) a final judgment or judgments of a court or courts of competent jurisdiction for the payment of money aggregating in excess of US$20 million (or its equivalent in the relevant currency of payment) are rendered against the Issuer or any Subsidiary of the Issuer and which judgments are not bonded, discharged or stayed pending appeal within 30 days after the Latest Date, or are not discharged within 30 days after the later of the expiration of such stay and the Latest Date;
ENDQUOTE
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