Defaulting is obviously not good but it's usually the little private shareholder who is left high and dry. It's rare where lenders lose out ahead of private shareholders and SN's family trust will also lose out. It's far from ideal and is a big back mark but from a selfish point of view some of these lenders are sharks and fleece without care.
I hope this is written off ASAP and the company can move forward and dust itself down ahead of the elections in October and moving towards the European Energy Community.
I would also welcome bugsys view on that. However in the short term the morality of the move SN has made on this is very damaging to his credibility. The fine print etc is secondary and the fact remains that this has tarnished an already shaky outfit regardless of the outcome. Does not help in any way as far as I can see.
Not sure, but I am sure SN has done his homework and isn't going to chuck 20 years in Georgia down the plug hole.. He will surely come up smelling of roses.. That's fine as long as he chucks a meaty bone under the table for us ..
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