what does this mean, page-7

Opes going belly up only means that the administrator or liquidator gets to pursue the debts. No doubt FAS is tightly bound by its loan agreement and they hold liquid assets (GWR shares). The administrators will pursue FAS for the money and they will have to pay. Then again they could delay the inevitable and just end up wasting more money on unnecessary legal bills. After all these guys have no consideration for the investors in FAS.