I say debt to equity should be done at NAV. The valuation of the...

I say debt to equity should be done at NAV. The valuation of the assets has been confirmed yesterday and is based on current conditions, including bids received during the asset sale process.

If the Hedge Funds are reluctant to let directors sell individual assets to reduce debt, then share holders should be reluctant to let Hedge Fund to convert debt to equity at a value other than NAV. That is what the assets are worth after all, so why should Hedge Funds get them at a ridiculously cheap price?

Hedge Fund have bought the debt at approx 70 cents in the dollar, so they will win from converting debt to equity at full debt value. Why should they also benefit from an equity discount.

We shareholders must unit against these ugly predators!