Maybe I wasn't clear - I never said that it is certain that no...

Maybe I wasn't clear - I never said that it is certain that no one will settle. Please don't misrepresent what I said. I did say: "they are not going to be finalised quickly as no one is just going to roll over and settle." What I meant was if someone will settle, it will take a long time for that to happen - they don't just capitulate.

Yes, it is possible that someone will settle, but is it probable for them to do it quickly? No, I don't think so. If you thought you were in the right, would you just settle? I am not an expert, but I do have common sense - if you were sued for multi-millions of dollars (or A$1b in this case) which is much more than your market capital, would you just throw your hands in the air and give in? I can't think of any major multi-million dollar lawsuits that have been settled quickly without any court action. I am sure it has happened at some point, but they don't tend to do it without alot of time, argument, court action, negotiation, appeal, etc.

But, again, lets not distract ourselves from the headline: Debt for Equity will happen.