Totally agree although I am surprised that there was no plan B...

Totally agree although I am surprised that there was no plan B during the ramp up phase just in case the IO drops. Easy to criticize them hindsight but I suspect Twiggy had his self interest ie 30+%, to protect from dilution. With such a large stake it would require a very large personal debt to maintain % holding in a cap raise.

So why did he spent $300M on market buy? Desperation? He seems to be looking at the wrong problem back then and gosh that was just a few months ago. It had a reactionary impact on the share price but it did not last long with a sliding spot IO. That is the real PROBLEM.

Seems that he rolled one dice too many and it was not what he expected. Unfortunately he believed that with the success he accumulated so far ( I applauded his guts/determination), he became invincible. Read Phil Green of BNB, Tinkler of WHC and probably the directors of CVC private equity group amongst others.

I suppose all is not lost and he still has a few options. Fire sale either equity stakes, equipment rail/track, Cap raise but whatever it is, massive dillution to shareholders to stay solvent and stops the banks pulling the rug. It ain't good!