The only acceptable outcome if a D4E swap occured would be on...

The only acceptable outcome if a D4E swap occured would be on the grounds that shareholders are not wiped out. The example above which lifts the shareholder base to 41B would be a total wipeout. I would rather vote it down and take my chances on getting my 7 cents back from the liquidator. Apart from D4E swap in 3 years time, an alternative is to grant a long extension now and then in a few months time perform a rights issue.

I think one positive sign is the fact that the directors have engaged with the parties involved in legal action. If the directors felt that they would not get the extension, they wouldn't bother entering discussions. Maybe an extension is dependent on a settlement prior to the Dec 15 deadline. Under $100m settlement would be a reasonable result.