My recollection of it was that a number of parties were involved in the discussion-the Higgs Trust being one? Could be wrong but as you say some involvement from ACL and it's shareholders would have been required. I thought this was the case at the time as it proved to be the catalyst to the council's decision to 'trump' the offer and refinance the debt itself. I imagine the discussion may have been instigated by YB as it became increasingly worried about the prospect of full repayment? Only an educated (or ill educated) guess mind!!