It seems to me that NXS management have thrown the baby out with...

It seems to me that NXS management have thrown the baby out with the bath water. Bent over for the proverbial for $40M they don’t need but might want if they can’t be bothered going to court again re Sedco or having the fortitude to tell lenders that they will meet commitments. Is all this for capitalisation of $3M of interest?
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Management should get off their butts and determined how to turn the switch back on Longtom 3 and just flick it – can it be that they really don’t need it? And that is why they haven’t done it.
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Longtom 4 continues to produce to contract and no cash flow forecast is offered by management for this or anything else. But then we have an engineer with apparently zero financial or legal nous in charge.
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Drilling Longtom 5 is included as a cash commitment and hasn’t been designed yet, but will with turning on a switch we are led to believe will cost $100M – surely any Board worth the title would all fall about laughing at the suggestion.
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Similarly Crux and Echuca Shoals
The other potential “commitments” may never eventuate trumped up by SG as mandatory cash outflows.
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The senior debt requirement is a result of possible manoeuvring by SG to get themselves into a position where the debt providers can screw the shareholders and take control – just needs 75% shareholder support. I know all of us small holders exhibited stupidity to get ourselves into this situation but surely the funds aren’t going to let SG clip the ticket as they pass on the assets to someone who will realise them.
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It seems to me that Lucio Della Martina wants to crawl back under de Volte wet blanket and not have to worry about funding his engineering activities a la Woodside – sack them all especially Robutti (promoted beyond her level of competence - CFO and financial secretary now)should be our call.