agree, they are contingent in nature, but they still rank ahead...

agree, they are contingent in nature, but they still rank ahead of shareholders on the credit structure and the company is unable to pay any dividends until T3a & T3b are settled (with the maturity dates on these unsecured creditors stretching from Sep 2015 to Sep 2018). So, there are no returns to equity shareholders until they are paid out, retired or restructured. Sounds like a typical debt package to me. As such, I wouldn't call my previous comments "misinformed", although your assertion that EGG is sitting on net cash (as per 12/12/12 post) probably does constitute misinformation.

And, from discussions with people closer to the situation than I, it appears a settlement with the T3a & T3b holders is likely sometime in the next 12-18 months at a yet to be negotiated percentage in the dollar (although 50% sounds like a decent starting point). So its fair to say that EGG shareholders are looking at a $40m payout sometime in the next year or two, which will require bank finance/another equity raising to fund.

PS Wood-duck, on my modelling I have put together a guesstimate for FY13 Continuing Ops EBITDA. Post the loss of the ~$11m CBA account, I expect guidance for FY13 EBITDA will be sub $8m vs $13.9m pcp. Have you got an estimate you are willing to share?