From what I understand all the debt is non-recourse to Linc...

From what I understand all the debt is non-recourse to Linc Energy - it is secured against the US oil assets. I'd say if they default then Linc would be left with the other assets i.e. UCG, Arck and no debt. Whether these assets are worth the current market price is the question, I gather they probably aren't. Either way this has been a horribly run company, highly promotion, significant capital mismanagement, erosion of shareholder value, poor communication etc. The list could go on