Having flicked through the formal offer document today I find myself more inclined to vote against the proposal. Yes, I accept that AFG's position is precarious and holding them to the Letter of Support will require some time and effort but they did make it.
What irks me the most though is that after the threats made by AFG in the document and after their efforts to wriggle out of their obligations they are still trying to pull a profit on the deal. If AFG was in any way sincere when it originally made the promise then it would not be trying to take $60m out of the sale proceeds
So if AFG wants to renege on it's commitments then it needs to offer something significantly better than this. In particular they should be giving a much greater share of the proceeds to noteholders.
AFG might get this one through but certainly not with my vote.
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