Mark Woods will have to explain to all the shareholders how he as the Administrator can favour and give preference to the Bondholders based on the following paragraph.
DOCA proposal
The Administrators have received a proposal from a group of Paladin’s unsecured bondholders to implement a capital restructure of Paladin, which is intended to enable Paladin and its subsidiaries to continue operating as a going concern and have Paladin reinstated to quotation on ASX. The restructure is to be implemented pursuant to the terms of a deed of company arrangement (DOCA).
"Unsecured Bondholders" infers to me that they have given a loan in good faith without any assets as security. This in my view would put them on the same level as we shareholders if we were asked for a credit raising. 98% in this case is not warranted.
Ann: Letter to Shareholders, page-12
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