us$550m (au$730) debt after martabe sale

So the latest explanatory booklet mentions the is approximately A$1bn of debt, which is around US$760. Take out martabe and you're left with around US$550, which is A$740m. The exchange rate has moved a lot since the start of this mess, and the debt figure is a lot less in Aussie dollars.

In the asx release, it also mentions administration is possible where shareholders may receive nothing. So are we meant to believe that even though Minmetals is offering US$1.2bn not including PH, that we could not get US$550m in administration, for all assets? Administators might have high fees, but isn't this just a teeny exaggeration? The assets being sold will earn more US$560m, at current commodity prices, in one year. Add that to PH, and we're talking about a P/E multiple of well under one in a firesale. This doesn't sound reasonable by any stretch of the imagination. For those who argue otherwise, can you name a precedent where this has happened in the past (for a large company, not one where $50m in administration fees may represent a substantial chunk of company value).

I light of the sale of Martabe, I'll most certainly vote no, because I'd rather chance administration (where I still expect some return) over the current strategy. If refinancing goes through, I expect a lot more upside than the administration downside. Just look around at what other companies are doing. The banks might force administration anyway, but I have my doubts while they can cream all this money in extension fees - after all where else could they get a better return on their money?

Again, if you think administration will return nothing, please back your statement with facts, precedents - because it's not rational to suggest a company will be sold for less than the amount of profit it can turn within a year.

How many miners have *no debt* whatsoever, yet we're led to believe this is the only option for OZL, to clear all debt. What's wrong with selling GG for US$150, and a capital raising of US$200? The bleeding of cash has been reversed, we know a buyer for GG is in the ranks (hell, even if they sell for $120).