News: MBN Mirabela Nickel updates on MBN sale process, page-87

Old holding company = MBN.AX Shareholders include the big ones known to you all, some of whom are noteholders, plus lots of small Aussie holders.

New holding company = NHC (New Holding Company) Shareholders are the big ones from MBN. Is it to be listed? Could be a private Canadian company. If it is to be listed there will presumably be a prospectus and you might be able to buy shares (although I would suggest .... nah, mustn't give advice).

No, they don't have to buy you out. The New Holding Company raises funds to buy the shares from the Receiver or Liquidator (probably for $1), pay off the existing creditors of MMB including Banco and provide working capital to get the mine running again. All the MBN debt disappears, the mine paperwork is simplified as it all stays in the MMB name, the receiver and liquidator are relieved of the problem of what to do with a mine and no funds to run it; but nothing for the small shareholders.

Is it legal? Can't see why not. Is it ethical? Well ......

This happens all the time. You get a company that goes bust. As receiver or liquidator you put the assets up for sale. There is no interest. You get ready to auction off the stuff. The ex-directors/shareholders come to you and say "We'll buy the whole lot at an independent valuer's price". You negotiate whatever premium you can get over that. Best deal possible. Of course, the creditors are up in arms about it the next day when they find out, and the day after are queuing up to offer the NHC credit terms, leases or newer equipment for a trade in etc. etc. leaving the L/R shaking our heads thinking "these guys just took you for $X but you can't wait to trade with them again ......".

So technically it's quite ethical if other avenues are exhausted first. The best result is achieved for the creditors. Which never stops a good conspiracy theory getting off the ground, especially here where it really is not clear how or what has happened, and the order in which it happened.