jamwolf,"This $276m of value you talk about has gone. Long gone....

jamwolf,

"This $276m of value you talk about has gone. Long gone. Spent, sunk, lost."

Not true, unless you believe the company's assets are vastly overstated in value. But, clearly, neither the directors nor the auditors of the company have that opinion, otherwise they would have written down the asset value further already. As regards the RE valuation, that's a valuation based on projected cash flows, which is meaningless in the context of the balance sheet.

"A packed, leaky lifeboat in a stormy sea is still a better option than the first class bar on the Titanic !"

True... and that's the only reason PXUPA holders would be willing to negotiate! But as they have a higher ranking than the shareholders in the event the boat sinks, they may be willing to take that chance of salvaging better value from the Titanic if the company tries to push them too far.