Ann: Appointment of Receivers to Certain Property of PAN, page-2

well Trafigura flexes its muscle by going in yet they are not in charge of the sale or recap process at all
But the administrators control the $40M cash & that process & the business.

so its litigation over the cash then.
Ad'or will want to keep the cash to pay the bills and C&M etc while Trafigura wants the cash to pay down its debt but its secured so the normal rule is R&M controls the asset/property sale in this case the mine and mill but not the cash.

Clearly no offers are on the table yet and IGO is playing hard ball and may lose its $45M cash in PAN paper then, NUTS.
IGO has $280M cash at bank and can sweep this up and rollover the Trafigura deal in its own Nova deal but it too is in breach of its FF offtake deal
Meanwhile NP has spiked back up to $8.09 uslb or $12.23 audlb the price before the admin was called at which it was apparently profitably producing.

so sounds like a good time for a pow wow of these 3 imho.