shareholders please dont rollover, page-105

Extract from letter/ASX announcement dated 20 December 2017 from Matthew Woods discussing the DOCA:

"The proposal received from Paladin’s bondholders is the only restructure proposal that has been received by the deed administrators to date."

I ask again what happen to the original restructure proposal from the PDN Board before VA.
From FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 AND OUTLOOK
"The Restructure Proposal contemplates US$362M (comprising all outstanding 2017 and 2020 Convertible Bonds) to be exchanged into:  US$115M of New Secured Bonds due 2022, with a 7% cash coupon;  US$102M of New 2024 Convertible Bonds, with a zero coupon and conversion price of US$0.0512/share (i.e. approximately A$0.07/share);  US$145M of Paladin shares at A$0.05/share; and  Any accrued unpaid interest to be exchanged 75%:25% into the New Secured Bonds and the New 2024 Convertible Bonds respectively."

Was it disregarded or thrown away? Did Woods ever pick it up and try to finilase it with the help of the Board (who 'swore' by it) into an acceptable agreement? Surely Woods should be working with the Board to come up with a restructure proposal and not sit back and say that no other restructure was received. It is not the shareholders responsibility to come up with a restructure. We invest in a company and the Board is paid to run the company. I would like to know when the board stopped getting paid. On the date of VA I assume. If not what were they doing to help conclude the original restructure?

I believe something happened in the negotiations and the whole restructure direction was changed. If Woods wants another proposal here is one:

Exactly the same as the DOCA BUT shareholders keep 20% of their shares the bondholders receive 18% less or the "Paladin raising US$115 million pursuant to the issue of new secured notes...." "Paladin is pleased to advise that the US$115 million raising is now fully underwritten." (from same letter) is increased to meet the required funding shortfall.

Prior to the VA Paladin only owed EDF $200 + interest. This debt triggered the VA. Now Woods comes up with $115M fully underwritten more than half way there (excl interest) without any contribution by shareholders. Some one is playing games with the restructure and backroom handshakes.

From FINANCIAL REPORT FOR THE SIX MONTHS ENDED 31 DECEMBER 2016 AND OUTLOOK
"As at 14 February 2017, Paladin had 1,712,843,812 fully paid ordinary shares issued."
Assume PDN need to raise $100m debt to add to the already raised above $115M. That equals 5.84c per share OR $58.38 per 1,000 shares held. A combination of the original restructure and a capital raising through existing shareholders and institutions surely would have saved going into VA?????? Institutions have already stumped up $115M fully underwritten???

Makes you think. This is what needs to be taken to the courts for consideration but who can do this?????