JadelUntil the meltdown LLA had no real management staff and was...

Jadel

Until the meltdown LLA had no real management staff and was run completely by OCV.

OCV would have organised finance for LLA with security over LLA assets taken by NAB with a guarantee from parent.

Just like if a child gets a loan for house and needs mum and dad to provide guarantee as income or deposit or both does not satisfy the bank.

Bank needs to have realised a loss I would have thought in LLA before they can force cash from OCV but if NAB play it cool it sounds like Artic will clear this debt.

PIF loan to LLA second ranking to NAB