Note that the latest $20M GXY put in is not everything, there's...

Note that the latest $20M GXY put in is not everything, there's the other ~$15-20M odd that they invested in A40 back when it was trading in the 30c+ range (as Tawana - pre merger). They bought enough shares to stay just under the 5% substantial holder limit well before the latest $20M injection.

Yes, if all turns out poorly then they will get the $40M odd back from the loan. Their other $35-40M is however up in the air with the rest of A40s shareholders... so far they've sunk in ~$75-80M odd to A40 which is a lot considering the current MC of A40 is only around $120M.

As an A40 holder I'm hoping for a nice outcome (which could indeed be an offer to TO A40 from GXY - which always looked to be on the cards anyway). Seems to me though that GXY came in a little too strong after they bought the debt, causing A40 to force VA so they could protect themselves and shareholders to ensure fair value and some competition for the asset before the GXY receivers came in to play, at which point A40 would no longer have been able to call in VA. Was it a good idea by Calderwood to protect his own 20M odd shares? This remains to be seen...

VA will ultimately destroy value for both GXY and A40 holders compared to a TO should a more acceptable offer from GXY have been made beforehand... but that's all done now and here we are. C&M certainly doesn't help A40 or GXY - this whole process will end up burning millions.

I'm not at all against a merger in to GXY - just needs to be reasonable for holders (more reasonable than the other option which appears to be dilution to clear the debt and then C&M and sell inventory until the market demand returns some time in 2020).

GXY coming out and saying they want to 'carve up' A40 probably didn't help keep the nerves of the A40 Board... and here we are in VA/Receivership until the debt is cleared and GXY get the same leverage over A40 as any other shareholder.

Question, if the debt to GXY is paid via A40 raising the cash via equity placements, how much does GXY lose on it (as I believe they paid a slight premium to Tribeca)?

I wonder if either GXY or A40 have had any investment banking help in this process. Feels like it's being butchered on both ends. There's a lot of value for GXY here, hopefully they can come to the table now with a better offer to make this work.