The law says that creditors get first dibs until everything is...

The law says that creditors get first dibs until everything is gone or they are paid in full. At this point, equity holders can grab what is left. If the law is applied as it should then shareholders get nothing!

This is the reason bond holders get lower returns than shareholders. They take a lower return for lower risk.

Murdoch is trying to keep the shares in existence for tax, legal and political reasons. If he could then he'd give shareholders nothing and take the whole company.

Truth be told, the 25% of shares kept on market should go to creditors but Murdoch would much rather have rinehart as a 15% shareholder than CBS. This decision breaks the rules more than the discriminatory nature of CBS 's offer to Foxtel for repayments and is the reason KM should cast its vote in favour of CBS.

Murdoch doesn't have the slightest legal foot to stand on and the only reason ten shareholders will get money is if our policiticians are willing to have laws broken and changed as a favour to Murdoch. Don't be fooled into thinking shareholders deserve anything in this situation. They don't!