The administrator (Ferrier Hodgson) controls the corporate shell that was the once ASX listed Mirabela Nickel Australia, and answers to the unsecured noteholders which are primarily US based, and represented by the Bank of New York Mellon.
The receiver (being Korda Mentha) controls the Brazilian corporate shell that owns the mine in question directly - MMB, and they answer to the secured creditors, which includes Banco Bradesco (a Brazilian bank) and (IIRC) Caterpillar under a secured financing agreement. So the secured creditors and unsecured creditors are not essentially the same group of institutions.
The liquidator that the unsecured creditors chose to appoint is the same Martin Jones who is also acting as the administrator. So the situation is everyone - the liquidator, administrator, unsecured creditors and shareholders are waiting for the secured creditors & Korda Mentha to complete their receivership, either by completing the sale, or terminating the receivership and returning MMB to the administrators.
So far the position of the administrators is that there are no expectations of surplus funds to be returned in either case, and thats the same position in all the correspondences that SHs here have had with the administrators, as well as in the final s439A report. Some may call that BS and even attack me personally for passing that on, but I'm repeating what the people in charge of MBN have said. Feel free to contact the administrator/receiver/creditors directly yourselves - most of that contact information is in the public domain.
MBN Price at posting:
8.3¢ Sentiment: Sell Disclosure: Held
