liquidation is not viable option for creditors

Probably wondering what next, think a new offer will be forthcoming for following reasons

LIQUIDATION

1) Gives HNC the opportunity to match any low ball offer YA & GT may try to make if they want to take in on without the CMR entity through the preemptive rights they have in JV agreement. Restructuring CMR's capital base would avoid this major issue.

2) Minor creditors loose more in this case as all unsecured creditors are treated equally when a distribution is made from any sale proceeds, this contrasts with previous proposal where minor creditors would be looked after ahead of YA & GT.

3) Tax losses would be forfeited.

Not too hard to see best way to move forward is to negotiate an acceptable offer to shareholders.

The Chess game is moving slowly, many moves to come before game over.