Well those comments were very helpful... I had a brief read of the decision in Mirabela Nickel Ltd (subject to Deed of Company Arrangement) [2014] NSWSC 836, available here
http://www.abl.com.au/ablattach/ButterworthsCorporationLawBulletinSept14p17.pdf
And it appears that the creditors obtained 98.2% of the shares for no consideration, i.e. the original shareholders did not get paid a cent, and had all their rights extinguished. This was not found to be prejudicial or inequitable by the Supreme Court, as the shares had no residual equity left at that time, and the alternative would be liquidation, which would have achieved the same effect. These shares are now owned by a bare trustee appointed by the Supreme Court, Mirabela Investments Pty Ltd, which holds them in trust for the noteholders.
Since the trust structure is that of a bare trust, it means that the noteholders (the trustees) can have absolute control of the property that it holds(including requisitioning the property in his own name), in this case the shares, leaving the trust with no responsibilities as to investment/property decisions. So I doubt that it is only the 2% of the total shares outstanding that is circling around.
