While I do quite like your analogy, I wouldn't go so far as to...

While I do quite like your analogy, I wouldn't go so far as to call it brilliant. It really is comparing apples and oranges

As for the vote. I am also torn, but my conclusion is that if Karara cannot meet the loan repayments, gbg will be effectively worthless.
The cash reserves they do have will probably have been thrown at saving Karara anyway, and even if it's not, $40M divided amongst the number of shares on offer will not amount to much, and everyone will have lost.

If the vote against the proposal is successful, we don't really know where it will leave us in terms of our relationship with Ansteel.

I guess the bottom line is, if Karara cannot meet the repayments, we're stuffed. No matter which way the vote goes.