I think what is more likely is that the bankers to NLG will want...

I think what is more likely is that the bankers to NLG will want out of this big time and they may do a deal to sell the leases back to HLG for lets assume 20 cents in the dollar as they also know in the case of default they are left with very little security.

Although Tom bailed out NLG personally last time I doubt he will do it again and will simply let the assets fall back to HLG which can eiher operate or sell these leaseholds.

Although the SP looks bad on HLG it in no way reflects the true value and I don't think Tom is as poor as the papers make him out to be - maybe he just wants the cards to fall this way ??

How do you think the market would re-rate HLG stock is WOW, CML or even TTS became the new operator of the NLG pubs ?

The only downside is if NLG default or change ownership perhaps HLG bankers can lift the interest rates on the company a little...this much I don't know !

I continue to hold and but small parcels @ these levels simply based on value investing !