Until they announce that current equity position is canceled, Molymet has not lost their investment completely. When the announcement come, every one sure has a fair chance to register objection. After all, who is the management or the board working for?
All of the arguments centered on "the need to continue". MCP has problem to argue both ways: They blame the business environment for over supply of RE, then turn around argue that they need be in business to supply more RE products that are critical for their customers.
But the reality is MCP defied Oaktree and worked out a deal with the other seniors.
It is true that MCP is in this mess because of over supply of RE. They should have demonstrated any efforts to slow down spending money on production and preserve cash to wait out for better pricing turn. But they did not, as if things are going to be better if they ram up production.
I would have the same argument to deny any more spending by MCP if the reason they cite for their trouble is real.