Some points that need to be placed before the judge: 1) Woods...

Some points that need to be placed before the judge:
1) Woods has provided no documentation for proof of his claims of attempts at sale of assets to any parties, including the Namibian Government who would be concerned at any possibility of LHM going into C&M.
2) His reports indicate a failure to maintain communication with EDF after it forced PDN into administration judging by EDF's reaction upon announcement of the proposed DOCA.
3) His reports indicate a failure to communicate with CNNC by stating that CNNC could remain a problem to the outcome of the DOCA. This is reminiscent of the lack of communication between PDN and CNNC for a period of months in late 2016 when attempting to sell a further 24% of LHM. A successful sale would have solved the 2017 bond repayment.
4) His report is incomplete in that it does not include failure of CNNC to pay its 25% proportion of running costs for LHM. This would exceed and thereby cancel out the $90M loan to PDN by CNNC.
5) His claim that earlier asset sales or other avenues were fruitless in solving the immediate debt imposed by EDF is negated by the sudden deal whereby Deutsche Bank has satisfied and removed EDF by assuming its debt. How convenient is it that now the DOCA can be saved by such a deal. Although no details have been given I am assuming he must have played a role in this deal.
6) The claim that the shares have no value is monetary smoke and mirrors. The ad hoc committee face two possible outcomes. One is there will not be enough funds left over from the $115M note raise after repayment of the DB $60 loan and all fees of administration to cover running losses. LHM will go into C&M as did Mirabela Nickel. The second is that the ad hoc committee, with 98% of the shares, will be in a position (like a hedge fund) to control the share price of PDN. Maintaining the sp at artificially high values will provide funds to sustain LHM by sale of shares to the public. Such artificial multiplication of the market cap upwards from a last $80.5M to possibly well over $1B would provide a nice profit from such valueless shares. All this assumes no significant increase in spot price of uranium.
7) If it was that easy to raise $115M maybe the administrators could have raised another $80.5M and conducted a fair takeover by paying out existing shareholders at last price.