shareholders please dont rollover, page-14

Despite his earlier claims to seek possible restructure, Woods has made no such attempt and is now promoting an outcome favouring the proposal by "unsecured creditors" by handing over 98% of shareholders shares. There is even a veiled threat to shareholders in his letter with the word "serious". Are institutional shareholders similarly affected or did they conveniently evade the trading halt. If any are left holding, surely this plan would not be acceptable unless they, also as shareholders are the ones proposing it. Here are 2 proposals: (1) Sue CNNC for the approximately $100M in running costs they have not paid (not mentioned in his report). Give EdF their 61% security or all of Michelin. Proceed with original restructure. (2) Administrators take over PDN on behalf of all creditors by paying out shareholders at last sp of 4.7c ie. market cap of $80.5M. Distribute shares proportionally accordingly to creditors' original and new input in exchange for debt. The debt free PDN then may carry out a capital raise to run for the next 2 years. Where do the 2017 bondholders and 2020 bondholders (whose payment is not yet due) sit in the current proposal? Any other ideas?