Quote from: yochdog on August 24, 2012, 09:24:22 PM

Quote from: PatrickHarnett on August 24, 2012, 09:19:46 PM

PPT.E is due for buyback in around three hours. I have been watching and waiting for developments to the BS&T unwinding process, but at this stage have not seen any progress. This does not conclusively identify as a default of BS&T under the PPT.x contract and it is better for customers that it isn't.

Given withdrawals to make PPT.E payments are not available, the buy-back will be delayed until such time as either funds are available or a default is confirmed.

How?

A missed payment is by definition default.....and after reading the contract I do not see any exception for "intent to pay later".

While I tend to agree, I am looking at how I can provide the best outcome for bond holders. Also, in most contracts there is a period for remedy (although it is not written into the simple PPT.x terms.)

The choice is either:
a) I pay 0.32 for all outstanding bonds given there have been no payments from BS&T for over a week, or,
b) Everyone waits to see if the funds become available and I pay 1.28.

Actually, option (a) is better for me as I would only be obligated to pay 0.32 and if/when BS&T pays out, I would get to keep the difference. However, option (b) is better for bond holders.

The purpose of my post was to state something rather obvious, even if it is not particularly welcome.