I ran some PPSR searches a few days ago and the US debt is...

I ran some PPSR searches a few days ago and the US debt is non-recourse to the Australian operating business which I understand also owns the freehold land. This is noted in the Annual Report but why not check it when it only costs $2 to run a search. There is however a security interest against the Australian entities registered by the ATO...I haven’t fact checked this but it suggests the ATO is a secured creditor of ALG...can anyone shed any light on this?

I am interested around the $0.10 mark as that implies a ~$50m market cap which must be close to liquidation value for the local assets in a doomsday scenario. The current consolidated book for the theme parks business is $130m but that’s on a going concern basis and if there is a forced / distressed sale it’s not going to fetch that.

Ariadne has ~$40m cash and will presumably stump up for a recap if needed, but given the uncertain outlook id prefer to plan for the worst and hope for the best...