and ask the asx, page-13

With R&M appointment it seems clear now that GT & HNC are at loggerheads, conspiracy theory is out the window.

Why would HNC put in US$10M without security, they were in best position to assess risk through their knowledge of JV accounts, so no security no loan which meant administration earlier.

Cash on hand can be be applied to HNC debt rather than keeping the show going, after HNC get paid out administrator will try for some work out but the R&M move has made life difficult for him and therefore all creditors.

If R&M keeps the show going then HNC want to control the work out process and outcome.