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Re: Brisconnections shareholders - financial ruin

For Lisa and the other unit holders - Ray has now said that his offer is "valid till the last business day in Mar09 conditional on securing 80 Million units".  same link as before

So if you are going to go that way you don't have much time.  He also says that it is conditional on him getting 80 million units, so if he doesn't get that then he can pull the plug and disappear.

If I read that Byrns letter right then they are only after unit holders proxy for the meeting, but they are not actually offering to buy anyone's units.  Is that right, or have I missed something and they are actually offering to buy units as well?

Is this a correct picture of the options available to unit holders:

a.  Sell to 'Ray'.  Regardless of the outcome of the court case and the EGM they should be okay, having sold their shares in a legal off-market transfer to a buyer who is aware of the liability.  There is a risk that the transfer might not happen if he doesn't get 80m units, or if he gets a lot more than 80m units he might not be able to take everyone's units off their hands;

b.  Hold on and hope Bolton wins the current court case, and then that at the EGM Bolton, Ray and Byrns get their way.

c. ???

What else is there?

In those terms it seems pretty obvious to me taking up Ray's offer is the best option.  If the transfer doesn't end up happening you're not really any worse off than holding on and hoping.  If the transfer does happen then you are probably free, regardless of what happens in court or at the EGM.

The only reason not to go with Ray would be if there was another offer on the table, in which case I'd go for which ever option would get the shares off my hands the soonest.  Time is running out fast, and the result of the court case could change everything.