indicative doca proposal. - hnc, page-17

LC 56,

I noted VA comment in minutes but discounted it as you will see with all insolvencies there is a constant bickering between VA and R&M mainly over who gets to feast on fee pool, rest assured if VA had a leg to stand on appointment of R&M would have been challenged, so treat it for what it is a minor bitch over the feed bowl being removed.
Case law favours the secured lender, can't see this being any different.
Once the brilliant management threw in the towel any secured lender would be negligent in not enforcing their security.

I still expect a DOCA and will be up to HNC how generous they want to be, assuming plant issues are overcome.

Recent press on OZL & RIO with FIRB delay will benefit outcome for CMR as pressure will be maintained for Chinese to show they are good corporate citizens abroad.