yes concur soggywinks, the oil price is just a convenient line...

yes concur soggywinks, the oil price is just a convenient line for we did no DD on the buyer. you can't just say you will buy something and then just back out because you want to. IMO wade aren't going to complete the deal at 27USD oil or $127 USD oil because they don't have the financial means. if azz thought that wade didn't have financial capacity, they A) shouldn't have announced the transaction to the market or B) obtained a 10% deposit which they could have then used to .... payout note holders or at least their interest.

secondly azz management point to their past as a signal that their the best man for the job. however when AZZ had the opp to drill wells they didn't because they didn't think it prudent, when they had the opp to sell all assets for $350 (purportedly) they didn't because they thought it wasn't prudent. point being they haven't really had a plan for how to extract value from their assets regardless of the oil price. this was something that lone star pointed out and now formulates the present state of affairs. again the company hasn't really outlined any strategic plan for the way forward. are they selling the asset/are the going to jv the asset/will macquarie allow them to drill using the LOC. it all comes down to trust us we know what we are doing and by the way don't worry about all the money we are paying ourselves. that dosen't sound like a great prospect to me if i am a note holder.