bank wants its money back, they will sell every asset they hold security over ( which after having kordas in there for 3 months will be bullet proof in terms of enforceablity )
after this, anything that is left if for the va to deal with. now, they may find someone who wants the listed shell , and would be prepared to pay some $ for it. it which case va would propose a deed of company arrangement ( doca ) in which it is recommended to the creditors as a better outcome than nothing at all, and could involve a very heavy ( 100 to 1 for example ) share consolidation. shell is clean and purchaser will try to vend an asset in and raise further capital.
however these things take time , and 2 years on you could still be waiting for a proposal. it can sometimes work out, for example AUT got a takeover bid at 4.10. it 7 years ago was the listed shell of Tony barlow menswear ltd which went into va. original shareholders would still be underwater, but alive i guess.
my point is dont expect anthing in a hurry .
FGE Price at posting:
91.5¢ Sentiment: None Disclosure: Not Held
