The way I see it for the Banks is: 1 rollover the debt and have the Chinese buy the company and receive 100% plus interest, or 2 send to Admin and get a probability of 90% getting 100% of their money back and at slightly longer period.
Overall, what are the banks worried about??? Sure they want their money back, but I would think the risk for this Syndicate is much smaller than buying shares in Citigroup that was at one stage worth USD250b+ and now is smaller than all of the 4 big banks in Australia.
The only issue I have (Other than losing a few dollars) is the CEO will walk away with his severance pay and not look back. I don't pretend to know the full disclosure requirements from ASX etc, but I think that a company like OZL should have told me some time ago - prior to the trading halt - that there is increased risk to cash flow etc.
The CEO is either in denial or doesn't care going from his interview recently. I think its time he was made accountable for his performance...But hey, what really can anyone do that is effective other than continue to complain on this forum...not much...
OZL Price at posting:
$5.85 Sentiment: Hold Disclosure: Held
