Yes, both well known, but in the context of the banks being secured lenders, not in the context of the banks (under a DFE) being equity holders as opposed to staying as secured lenders (ahead of everyone else except other secured lenders, employee entitlements and SGC charges). Not even the ATO trumps them in that circumstance. So, a different proposition entirely.
If anything, an adverse ASIC decision could well void or restrict the indemnity cover whilst then putting the MB CA action (if successful) ahead in the queue from a prospective creditor perspective. Under that scenario, the banks would be equally burdened and impotent as the major stranded shareholders.
Connect the dots.
Two of the biggest risks to the CA are (1) the banks staying or acting or calling in as secured creditors, and (2) the existing insurance being voided due to anything that ASIX tosses up. At the moment, both are @What ifs", but the banks must decide, now, not later, "what becomes", if either scenario unfolds.
That's why the decision to go DFE is not anywhere near as easy a one to do as has been suggested.
SGH Price at posting:
9.0¢ Sentiment: Sell Disclosure: Not Held
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