Hi Westcott, Piste is opining on the possible limited...

Hi Westcott,
Piste is opining on the possible limited motivations or reasons any noteholder would take the active step of appointing an administrator or forcing SDL into receivership or liquidation. SDL has very limited funds, no liquidity, and very limited ability to raise further external debt or equity. Any Note holder wishing to enforce their security would need to be prepared to take active control of the asset or negotiate a more advantageous outcome. The only creditor to have taken this step so far is Porter. For a debt holder like Gennady it is difficult to see what could possible constitute a positive outcome from here.
Given this reality he seems to have rolled the problem down the road with seemingly very limited options. Hoping for a miracle outcome. A bit like shareholders.
My understanding, based largely on third hand reports and the currently known public facts, is that Gennady has little to no remaining active interest or involvement in SDL. This is consistent with my views on value and so is a position I can understand. I accept that you may find it difficult to accept and may have an alternative scenario (after all as you say Westcott: "the railway can do 200 Mtpa!").
I also believe Piste may feel it is potentially misleading to ignore the most obvious explanation and propagate an alternative perspective which is willfully optimistic and appears to ignore reality.
You do not need any inside information to assess the position of creditors of SDL or to assess and understand their limited options.
As always Westcott I suggest we settle this as previously: come back in a year to this thread and see what has happened. I have been suggesting this to you on a range of topics each year now for many years and remain impressed with your ability to ignore the almost total reversal of your assessments and opinions when compared with what actually transpires. While we live in a very uncertain world one thing is certain: you either have a blinkered and distorted view of SDL or have a motivated agenda to mislead. My logical brain sees no other explanation for your ability to ignore situations where events occur that contradict your positions.
J9