What about the people that own the trees?, page-7

There is a creditors priority list in a receivership. So of course the money lenders have a high priority . Then with QIN it seems there may even be priority between growers as some of these bigger investors appear to have better contracts. In the end if the debts are high the growers get very little as any profit goes upwards first. Not to mention the massive legal and receiver costs. In the past I believe Sandalwood growers of private companies ( smaller than QIN as well ) have tended to get their money back with trees more mature in growth, buyers have not appeared to be an issue . I do not know what the debt picture would be here as I do not agree we have consensus re valuations.