'What you new punters dont realise is that the Cairn Hill mine was going to close mid 2015 as was coming close to the end of its mine life as i understand it.So that would then exclude future work or haulage equipment claims which woiuld be tiny in any case given the end of mine life.'
Unfortunately that isn't quite true potshot.
I understand the falling IO price lead to the shutting down of operations, but the company had actually announced just a few months before administration that they were extending the mine life and moving to phase II operations (or some such wording). The shareholders expected at that time, that an income stream from IO would remain for some years yet. I would imagine creditors and staff all felt pretty confident that their incomes and amounts due were also secure.
In any case, I think you are missing the point. There is no conspiracy to get your shares cheaply. What a naïve way to think about this issue.
The administrators, after forensically examining documents we don't have access to, decided that cash that should have been used to pay creditors was in fact use to pay off related party loans. And obviously in the administrators opinion (and they are a highly professional and experienced business) this was not legal, and are therefore going through the process of recouping the money for the creditors.
For IXR, the way I see it they are in a lose/lose situation. Fund a protracted and probably expensive legal battle, or come to some arrangement regarding the payment of creditors. Unfortunately, they can ill afford either.
Even a 5c in th $1 repayment would be disastrous.
Even without this, remember that the company is awash with shares and already has a complex share registry and asset ownership due to failed and on-going JV deals and hugely dilutive capital raisings.
In my opinion all this places the company is in an extremely precarious position.
BTW, this is my first post since the company came out of a trading halt and I only wanted to address a few comments I kept seeing being made by the glass half full brigade.
I feel genuinely sorry for those caught up in this mess and hope the company can get their corporate act together and also unlock the value in their land and reward shareholders.
(20min delay)