I have about a million of these notes and am hoping for around nett 3.3 cents in the dollar.....ie I will have a share a payout of about $23m from that gross pool of 600million notes.
There are two areas of slight confusion, in my mind..
Firstly I am certainly hoping when the liquidator refers to unsecured creditors, he is referring ONLY to a potential win by one or more of those applicants in the current/unresolved court cases. If indeed one or more of these are successful, subordinated noteholders would have to accept a ranking below any court success. Are there any other unsecured creditors approved by the liquidator ?. I dont know/hope not.
The second thing is that applicants to the courts have lost and appealed and and still lost. Why would they continue to try at whats looks lost a lost cause. ( see self explanatory link below)
