A40 Administrator update, page-174

I have been through a similar process with Kagara (KZL).
While in VA KZL received several binding and non-binding offers.
One DOCA was from some shady character (not as dubious as Cayman man) and thrown out without further consideration.
In the end, KZL was liquidated and assets sold for cheap.
Class action saw shareholders get 1 cent in the $. The only people who won were the lawyers (2/3 of settlement $$$) and VA by extending admin and fleecing it to the bone.
STOP THE RORT BY VA Vultures!!!

GXY's saving grace is that we are secured creditor after VA vultures (priority creditor). Chances are high that A40 will be liquidated.

Class action against A40 BOD has a high probabilty. If strapped for cash BOD's Cowan holding might come up for sale if settlement is reached.

This is another example how the continued disclosure rules on the ASX a worth ZILCH in protecting shareholders.