Just looking at OCP, I am thinking that if they get paid back their ISF convertible note debt, their NAV might rise and they may book a profit, even if they write off their $15m in ISF shares.
That may sound surprising, but because they value their convertible notes using a fair value calculation, the book value is only $21.2m vs ISF reported face value of $39.7m. I'm not sure if that $39.7m would reduce if repaid early, but, if paid in full, the increase in value is $18.5m, which more than covers a $15m write-off.
On this basis, I suspect OCP may be in a better position than other shareholders if a sale of some kind has been negotiated - and may perhaps be more pragmatic about voting in favour of a scheme of arrangement if need be.
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