what is left for shareholders

DW had burnt about $10M in “Other working capital” from Oct 06 to Apr 07 where CMQ legal costs had been booked, that is averaging more than $1.4 M per month. Thus the total legal costs to May 07 will be approximately $11.4M As a guess the two bond holders spend 150% of CMQ costs this will be a whooping $17M of legal cost.

On top of this CMQ staff cost for the month of May and June at 270K per month is $0.54M
The last coupon interest was paid to March 07. Thus the Coupon payment due for the 3 months to June 07 is $2.55M. Let us assume it took up to September for the liquidation to be completed and bond holders paid, this will be another $2.55M of interest.

Let us assume the cost for the administrators is $8M. Remember DW appointed Korda Mentha within minutes of losing the appeal and the bond holders fought to have them replaced, This might have increased administration costs by $0.5M or more.

On 30th April CMQ had $8M in cash.

Thus the final accounts may look something like this:

Bond repayment: $60M
Bond holders legal costs: $17M
Staff costs for May & Jun: $0.54M
Coupon Repayment to June 07: $2.55M
Coupon repayment Jul to Sep: $2.55M
Administration/liquidator: $8.5M

Total estimated costs: $91.14M
Less Cash in hand 30 Apr: $8M
Total to be recovered from liquidation: $83.14M

Anyone interested to buy CMQ form the liquidators for $83M??