Ann: SALE AND RECAPITALISATION OF TEN, page-37

"This process requires demonstrating that the shares are worthless given the quantum of the secured and unsecured claims. In such a scenario where creditors are not being repaid in full it would mean that existing shareholders would not receive any return."

I dont think this is final outcome and appears they will be paid in full. Perhaps part of the transaction is for CBS to acquire full ownership at a cost.

Murdoch, Packer, Reinhart, Foxtel, Bruce Gordon, Foxtel/Telstra would own a combined holding of about 60% of TEN. I really dont think they will walk away from it, especially the hundreds of millions they injected into it. Lets see what the scheme of arrangement shows.

I owned TON shares last year and they went into admin. Scheme of arrangement at the same level as prior closing price with only 50% dilution. Relisted and sold at 50% above a week later.

BTW. Must add, if the millionaires loses hundreds of millions then I think it is fair I lose $10k. Just hoping no backdoor deal done.