rewind mate, i think you're missing the big picture here.
the banks have esentially appointed david clarke and his team as voluntary administrators. they are the best people to get the banks their money back. hence the aggressive debt reduction schedule.
first and foremost the banks want their money back, and if they can rebuild a successful business again that is a bonus to the equity holders.
i'm sure the banks believe clarke and his team are still the best people to realise book value for the remaining assets. can you imagine a bunch of know nothing administrators running around allco headquarters trying to run the business?
allco is a highly complex value added business. they need inside people running the ship. that is why they will grant the repayment extension.
imo afg are worthless, but afgha are worth alot more than $7.50
if they are given the extension i would expect the coupon in november (they have to pay it sometime afterall), in which case you're basically earning a 67% cash return in less than a month + capital gain upside on afgha.
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