opes creditors meeting outcome, page-25

Speculation regarding the payout value aside, this message seems to indicate a step backward, or sideways at best. Also, I find it confusing.

"We today met with the Committee of Creditors and worked through the high level terms of an indicative settlement proposal."

I think most people's expectation was for a settlement offer, but the subject of discussion has now become an indicative settlement proposal. A proposal is a long way from an offer, and seems to suggest that no binding committment has been made. Also, seems strange terminology to say that FH and the Committee of Creditors "worked through" the terms. surely they are reviewing the terms of a proposal provided to them, not actually drafting terms of the proposal.

Constant lack of clarity with timing, and habitually overpromising and underdelivering on deadlines is not helping either. Last week mentioned a "conclusive announcement" this week. They just slipped into this week, but it's anything but conclusive.

"that the proposal should be submitted to creditors in due course .." when is that?

"We will advise creditors of the key terms of the "global settlement" proposal next week .." probably should read "you will be advised late Friday next week that setting out terms and conditions has been delayed and will continue for an indeterminate amount of time."

I think creditors need more information and evidence of committment if they are to remain supportive of the mediation process. This slow grind with no substantive committment is typical of a poorly managed mediation process. Creditors have accepted the suggestion of FH to date that mediation would have the best chance of achieving a favourable outcome, but FH also indicated that the deadline for this second round of mediation was the end of January, and that if a successful outcome had not been achieved they would proceed with litigation. How many extensions and further extensions are required before it becomes clear that the process has stalled or the liquidators have been played for the fool? When do FH honour their committment to creditors to take action on their behalf, or was that an empty gambit?

Final point in this post - are the Committe of Creditors bound to confidentiality or will we hear something from them soon? Doesn't seem they would have any vested interest in keeping details from the creditor body.