it's not in receivership where the receiver's prime responsibility is to the party which appoints her ( the banks in this case ).
it's voluntary administration ..in accordance with the corporations act ...
because the comapny is not presently insolvent I consider it to be a cowardly act which has the effect of vaporising the goodwill in all of the businesses. so if the stupid 7 banks were resisting before a 30% haircut they will now have to stomach a 70%+ haircut .
There is some prospect that the company could survive ..after the administrators have eaten away a few million in fees from the 48 subsidiary companies ... given the accounting irregularities disclosed on Friday the prospects for a successful class action against the auditor have improved dramatically
HST Price at posting:
16.0¢ Sentiment: None Disclosure: Held
