At creditors meetings do they vote on value of debt or number of creditors?
The voting normally goes by face value of debt, not marktet value or what you bought it for. So as some of the secured bonds traded below 37 cents per $1 face value means those buyers have the same voting power per $1 face vale of debt as people who loaned the full $1 originally.
Secured creditors stand at the front of the queue just after the ATO & workers, unsecured creditors are a long way back and shareholders normally don't bother attending.
Share prices are normally 'valued' or traded on the basis of Price to Earnings not on price to Net Tangible Assets. Airlines have remarkably high fixed costs once you consider the plane leases/financing/maintenance, terminal leases, lounge leases, parking spaces, spare parts inventory etc etc. Add in the cost of call centers, line management, their office space...
Then the cash going out the door every day is substantial despite 90+% of aircraft grounded. VA seemingly made the assessment that State lockdowns of some degree would be here for more than 6 months and international 12 months+. Once lockdowns over then as social distancing on planes is yet to be 'decided' suggests that flying any plane with 'social distancing' will be loss making using historical fare prices.
The old rule book no longer applies so the Directors followed the 'discretion is the better part of valor' path.