"We are supposed to get treated the same as all the other...

"We are supposed to get treated the same as all the other shareholders large or small..."
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No one dares to break the law which could be caught easily.

1. You will be treated the same as the big shareholders.
2. The creditors will get their money back wholly or partially which owed by MBN as debt. It depends on how much RA could get from the sale of the MBN asset.
3. If any money left, the shareholders would be paid as MBN's owners.

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"How can the creditors who are major shareholders not realise any proceeds from their own sale..
The money gets allocated per shares.. they can't discriminate between us and then its illegal.."
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If the asset sale could not get more than the money owed to the creditors(secured/unsecured) the creditors who are major shareholders would not get any proceeds for their shares.

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"Why no fire sale then?"

All want to get more in the market but sometimes they are forced to accept less or nothing. It seems no buyers want to buy heartly so far.

Why did you buy MBN? You thought it would have been cheap. In the market bottom, everyone worries about the chance he pays too much. Why would you have bought MBN at $0.17 if you believed you could get it at $0.026?