R Cottes logic is flawed., page-7

Dozen.
tend to agree that the CVN's are exceedingly unlikely to present any value to shareholders, and in any case the lengthy time frame means that even if they did then the NPV would be eroded. I must say that the debt to MB since it was incurred by the purchase of gas assets namely Dingo, Palm Valley and 50% Mereenie. would appear to be solidly backed, unlike a debt that was incurred to drill dry holes for example. Quite a bit like a bank issuing a mortgage against the security of property. In the worst case one would think the debt could be extinguished by selective sale of these gas assets, perhaps even at a profit given the current race for gas. Not saying this should happen, just that the debt figures being tossed around are not really that scary. I also have solid reservations as to whether the 20 cent offer is really fair and reasonable, particularly for the long term holders who have kept this company alive and stand to take a very solid haircut at this figure. If the offer was revised to do away the CVN's and shift their max offered value into the offer, namely lift to 40 cents, the outcome would be less painful.
At 20 cents, one would have to swallow hard to accept, and I have not yet come to a personal landing as to YES or NO. At 40 cents, while having regret at the loss of the major prize that we all had anticipated even if it took a few more years to eventuate, I would most likely go YES.
For what all this opinion is worth.