Ann: Effectuation of Deed of Company Arrangement, page-193

Taking PLS on is just never going to happen legally. Australian super funds is involved and has plenty of clout.
Giving management a second chance is never going to happen as they burnt to many investors. AJM was one of the most discussed forums on hot copper so it had a huge amount of shareholders.
Management are to blame for their own demise. They should have tightened their belts and reined in the company spending long before it went under.... The management had access to all the companies finances on a daily basis and should have drastically reduced their own salaries or even suspended them and taken options instead. After all the mistakes they made who would even think of investing with them again?