Some bond holders have lost confidence in Irongate Property and sold bonds at 40% discount. It is interesting that the poll results on this thread show equal splits among three possiblities, though the sample number (3) is very small.

From what I learnt, Irongate Property still aim to repay the bonds in May. They have until the end of April to convince its Trustees it can achieve its aim.

Giving that Bluestone has a deep pocket, it is still possible at the last minute it lends more to Irongate Property to payback the bonds if it can get the company very cheaply, say at cost of a few million dollars. I think it is waiting for this once in a decade opportunity to grab Irongate Property. Unfortunate to shareholders, Kevin Podmore has been over optimistic about his ability or luck to save Irongate Property. Recently he still though his reputation was valuable by suggesting that his step down could win the support of bond holders and shareholders for an extention of bond maturity date and capital raising.

It would be very interesting to see the final outcome of bonds in 5 weeks time.