One of the best investors I know has a massive holding in TEN,...

One of the best investors I know has a massive holding in TEN, drilled him tonight on what he thinks will happen.

He reckons VA was always going to happen with KordaMentha being appointed advisory role a while back.
For shareholders, he reckons Packer wants to exit and Bruce Gordon will buy out his position which is beneficial for shareholders.
For TEN itself, apparently there are some very expensive long-term networking contracts which cannot be broken without large penalties. Going into VA circumvents the break clauses and they can restructure the business.
Debt will be refi eventually.

The most interesting part will be Gordon+Murdoch vs Gov. VA means the restructure could go after the Gov however don't need to because of the 2 whales who now hold all the cards and the Gov will see restructure as more important then a breach of 2/3 rule.

If it all goes well, there may truly be some serious value in the business. If you hold its not all over yet, in fact it's only beginning.