In a bankruptcy the bondholders get their money first. If no money is available the assets are broken up and given to the bond holders and or other lenders. The primary asset in this case is the MOC.

The fact is if you add up all our assets minus the MOC we are in the red. If we default on those debts we go into bankruptcy. In bankrupcy a restructure probabaly would not be possible because we have no income. That means the company would be broken up and given to the lenders or bondholders.

If the MOC still has value we should still be able to borrow against it. Question is how much value does it have. It has a lot of potential value but also a lot of risk. Any new lender would have to get in line behind the current bondholders for a payout. Who really wants to risk money in a legal case against Hugo. I don't know, hopefully somebody. Whoever they are will get really good terms. Which means less money for us, but hey some money is better than no money.