Effectively, it looks like the lender is $A122m worse off than if the loans were repaid and $A60.4m worse off than if JPTA and JPTD defaulted and they took security of the property.
It seems very unlikely that the lender has decided that it would cost them more than $A60m to liquidate the portfolios and the properties. A gesture of goodwill seems even more unlikely.
So what is the catch?
Effectively, it looks like the lender is $A122m worse off than...
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