Well Played AZZ, page-18

Yes tdk2020, you are correct about Administrators role, however there is a question about the standing of the offers to noteholders before JC put Antares into Administration, and convertibility of  notes if there is excess funds beyond $48m if those offers have standing. That is more likely to be the case if the Adminstrators have funding to wait on a price recovery, which could occur if a JV put up sufficient funds to maintain inventory with a price dependent call option that at least covers noteholders.  To put this another way, noteholders might do better to avoid a fire sale.
Regarding JC, my comments were about his (oil price outlook) judgement only. Looking back you may well be right that he wasn't looking after noteholders well enough.
Regarding ASIC, you wrote
they (ASIC) should be looking after the interests of all stakeholders>,
on what basis do you envisage ASIC even having grounds to become involved now that AZZ is in Administration?