maybe mm can get it cheaper from a va, page-11

Come on michinyon, this is not an 'alleged' takeover, the terms are set. It's a bit rich to think the bankers and MM have orchestrated this so some people can sell out.

If MM withdraw their bid, I have to wonder how that would be viewed legally when they went for asset grab - I would think the 12 month waiting period still applies (i.e. you can't just lower your bid). Doesn't help OZL holders at all, I just don't think it would be legal for MM to do this.
Why pay the shareholders? Indeed why make the bid in the first place, why not just wait for administration. The bid only makes administration less likely.

It matters a lot to the banks if it takes them longer to get their money (apparently). Though I believe administrators can't be rushed on the whim of an impatient bank.

From what I understand the banks are to blame somewhat. If the merger had never taken place, most of the loan would have been gone through to 2010 or something. The merger triggered the refinance clause. Now the merger improved OXR's balance sheet, despite this banks have opportunistically jumped on the refinance clause in order to secure money sooner. Someone correct me if this doesn't sound right, that's the impression I got from reading the asx releases a while back.