Hi jeraboam, good to know you work as a bargain hunter and fully...

Hi jeraboam, good to know you work as a bargain hunter and fully understand your question "why should one shareholder benefit at the expense of all other shareholders."

However, in my view, this big shareholder could not get the benefit from ERG before he take the unbelievable risks to any small shareholders. He acts as a value investor not the white kingnight of the small shareholders of ERG.

If the restructure would happen, he deserves what he would take since he has paid for the risks. If he didn't put the money in ERG for his investment profit, who could save ERG after Sydney project was terminated?

Around ERG, no anyone is winners if he stayed in ERG more than one year, let alone this big shareholders has stayed with ERG too long. As a small shareholder you could sell and forget, he simpley could not. So he wanted to restructure ERG.