AZZ report to creditors and voting options, page-5

Noteholders are in same position as other creditors i.e. Unsecured.
That means that they had no real bargaining position, unless they wanted to fund recapitalisation themselves.
Current Administrator is predicting low level of 1c/$ for all creditors, but they do get any upside in legal actions against Cruikshank etc and in sale of Northern Star. Administrator rates the upside as about 5c max.
Former Administrator was saying that he did a good job, and things would have been different if he (and, I presume, Cruikshank) were still in control. Took no responsibility for Cruikshank's actions as none of the looting of accounts happened on one of the days that he was administrator. However, he wouldn't acknowledge that he could have done a better job of securing company's assets.