We Still Waiting Part 2, page-15

"Why would KCN want to borrow money to support or rise the share price when the future revenue stream to fund interest payments and repayment of principal are unknown."

Most of us are in agreement that the current share price significantly undervalues the intrinsic value of the company. If the company raises non-recourse financing to buy back shares, it reduces the NOSH and hence increases the value of the shares you hold significantly (because they are buying them back at a significant discount to intrinsic / post-settlement share price). Assuming the interest rate is not something crazy like 20%.

If you don't think that has the potential to benefit you as a shareholder, maybe you should try and take a look at some corporate finance text books. It is not just about immediate short term price impact from KCN buying shares...

"If you were the lender then perhaps you could sell your shares at some peak at a convenient time and wait for KCN to run out of funds to then rebuy shares at a price well below where you got out." - the lender wouldn't be buying KCN shares obviously. It would be financing for the company to execute its buy-back.

If the financing only had recourse to a Chatree resolution I would be supportive - it is value accretive in all settlement scenarios, assuming it does not drag on for 2 years + from today. You raise a fair point around what happens if there is an award that needs to be enforced, that could be managed by the financing arrangement having the lender as being super senior on any proceeds recovered but with no right to enforce / take-over the claim in the absence of immediate recovery.

It's a question of quantum - $20-50m is sensible.