Given the 115M USD borrowing was received by MBN (60M USD in Dec 2013 to manage quarterly losses due to high COP and 55M in mid 2015 to improve operation and cost and reduce COP), I think the convertible note holders are trying to liquidate MBN since if they convert their notes to 1B shares the pps will be only be 4c so technically only worth 40M USD in the open market.
If it does happen I think we will have a good class action against MBN since they couldn't negotiate the 30M USD funding offer and caused this VA although they still had 6-10M USD in cash when it was called and by calling a VA this potentially handed control to the creditors (convertible note holders) and also a good class action against the convertible note holders given their was a 30M USD funding offer which they planned to reject to cause a VA and liquidation and the result of the class action will be per share basis to the current 900M MBN share holders.
Where are the minutes for the first creditor meeting?, page-5
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