I did think that originally but having read articles from...

I did think that originally but having read articles from various sources I understand the position of all parties.

If the loan is only drawn to 60m now, but will be 175m by July with no guarantee any banks will continue credit line after Dec it makes sense that the Guarantors want to limit their potential liability. Force a VA now and the max they would be up for is 20m each.

The Directors didn't want to be personally responsible so had no choice but to call in VA, even if they have confidence of a turn around.
35% of the registry cant participate in capital raising (Murdoch, Gordon and Foxtel) and another 15% have no interest (Packer and Rinehart) so realistically that wasn't an option.

The only real options are banking consortium believes management and resigns credit line or a sale of company.