latest ahug meeting notice on asx

So I've read through the new meeting notice briefly (see asx.com) .

There is likely not an automatic legal right of set off between the money owed to AFG and the money belonging to AFG (mezzanine loan).(pg 25)

There is the possibility that the AFG Mezzanine loan money would be quarantined by the court while action to resolve the LoS was pursued. This would be subsequent to secured creditors commencing a wind up. If this were to occur then AHUG holders would NOT just be unsecured creditors.

Next AMFIL would need to secure leave from the court to actually sue AFG (which is apparently not trivial when the company is in receivership) and then would need to win a judgment. If the money had not been quarantined then AHUG holders would be unsecured creditors of AFG.

Obviously AFG's receivers believe that the above could possibly go against them and have therefore thrown AHUG holders a bone (or a tiny bone fragment). No doubt the receivers believe that the odds would favor a larger payout to AHUG but that holders would go for a bird in the hand.

I will go for a bird in the hand. While this is a poor outcome, I'd rather take my 10-25% loss and be able to use that money to buy some great companies that are down 50-70%.

The final question is what is the liquidation of HIT worth. Based on their most recent financials and subsequent disclosures, I'd estimate up to $8.5 per unit. No doubt they'll manage to waste a decent portion of that but I'd still think $1.5-$4 is reasonable.