RE: How did it go ?21 Aug 2020 20:31
@LawrenceH - Banks could have executed their guarantees. They chose not to and instead provide a counter proposal (as stated in the court rulings) which as per the RNS has mostly been agreed to pending some terms that have been counter-counter proposed.
I like to think it is a meet in between. I don't see an agreement where banks get significantly less hair cut on their owings than other creditors because if I were the other creditors, I would be angry if I have to take a bigger cut than the banks and that may lead to a longer negotiations as courts have clearly stated their position, whatever JRP financial settlement plan is reached is between the debtor and creditor and it is the debtor who is responsible for convinving the creditors which has been successful so far..
So I don't see whatever reduction agreed being far less than the 30% mark or the terms being kinder to the banks than to others. They probably have agreed to something in the middle.
You are right in the sense it won't be all as Dev wanted.
For me, my worry is what will happen once 27% is reached and getting to 49% as it is clear that banks do not want to break from the other creditors and execute their guarantees and they seems to have exhausted the legal routes to dragging it further (although I stopped following the litigation a while back, after the last ruling).
Also I have seen some of the regular posters who have been sceptical about the chances have become more optimistic in recent times and some of the posters who feel agreeved with the management have also see the recent placement as positive.
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