X,The wind up value of PSH will be zero for shareholders and I...

X,
The wind up value of PSH will be zero for shareholders and I expect the banks will get less than 32c in the dollar.
Consider what the bank appointed reciever will have to work with;

Assets;
1) The landfill stock at the quarry.
2) The quarry itself
( These are likely to be sold together as an operation but with no market for limestone, I guess for about $20m, Cableguy would have a better idea)
3)The land at Osbourne say $10m
4)The salvage value of Osbourne ,say $10m
5)The bicarb and soda Ash stock ,say $10m
Total of about $50m

Liabilities;
(in order of priority)
1) Recievers fees $2m
2) Redundancies for the 200 long term staff, say 200 x $80,000 each = $16m
3)Demolition and remediation of Osborne $6m
Total of about $24m

I don't know whether the defined benefits super fund is fully funded.

Shortfall;
Debt of about $80m minus nett real assets of $26 = $54m

Even if my guesses are way out (I would welcome better informed guesses) the banks will take a big loss and shareholders will get nothing.

bacci