Official Hong Kong tax rates ( Download) indicate the stamp duty tax rate on stock and note transfers is 0.1% to the buyer and the seller. Or a combined rate of 0.2%. This changes the calculation by half.
5.2 Million escrow / 0.2% == 2.6 Billion in transfer value.
Dual transfer scenario SFC >> NewCo1 (SFC Escrow) >> NewCo2 (aka Emerald Plantation) == 1.3 Billion final transfer valuation
The 1.3 B is similar to the reserve price on the failed Sale, is this a reflection of the rational value, or just a way of allowing Banks to avoid booking the total loss (1.6 B), by converting the non-performing notes to stock capital in the NewCo.
Single transfer scenario Sino-Wood Partners >>> Emerald Plantation == 2.6 Billion in valuations.
It is not at all clear what is covered by the Stamp Tax Escrow fund. For instance, the "300 Million" in capital from the note holders would be a taxable bond. I believe this is an accounting fiction-- not new capital but the residual funds locked up in Chinese Banks that flowed as an asset from SFC>>NewCo1, and then is renamed as a new 7 year capital note flowing from NewCo1 >> Emerald Plantation
My futzing about with Stamp Tax numbers is a poor reflection on the transparency of the CCCA process. In legitimate bankruptcies, the assets are enumerated and assessed. The Monitor has avoided providing any hard information what-so-ever. That sort of practiced evasion increases suspicion that the process has been un-fair.