I do not think they are going to mop it up, no one wants the...

I do not think they are going to mop it up, no one wants the $4.8B debt on their balance sheet. This structure allows both Vodafone Plc and CK Hutchison to maintain the debt off balance sheet.

I think the crappy HTA structure is due to the poor performance of the original venture (Vodafail). I think CK Hutchison imagined a successful business and the ASX structure would have provided a mechanism to eventually cash out some of their holding while maintaining 50% control of VHA via a possible 25% shareholding (by maintaining 50+ % of HTA) ... but we all know what happened and the free float never increased. In my opinion, once all this excitement subsides, HTA will return to poor liquidity and Vodafone and CK Hutchison will not care any longer because the capital bleed will have stopped (will be with TPG2) and hopefully TPG2 dividends will service the off balance sheet debt of VHA ... they still will be on the hook via loan guarantees ... but the debt will be off the book and only in the notes to their accounts as a contingent liability