administrator letter

The below letter is posted on the Pinn Deavin website and contains some very interesting information.
1)Solverdi Worldwide Limited has no current ongoing business
2)...prior to the appointment of the Voluntary Administrator, been undergoing a restructuring process. That process, which has been described in ASX releases and various information, included asset sales and the issue
of shares in other companies operating in the USA.

Does this mean the takeover went through??

I'm even more confused now.

On 18 March 2010 Philip Francis Pinn of Pinn of Deavin & Associates, 2-4 Northumberland Road, Taren
Point NSW 2229 was appointed as Voluntary Administrator of each of the above two companies.
Solverdi Worldwide Limited is a public company listed on the ASX, which suspended itself from trading
prior to the appointment of the Voluntary Administrator on 18 March 2010.
We are advised that Solverdi Worldwide Limited has no current ongoing business and that it had, prior to
the appointment of the Voluntary Administrator, been undergoing a restructuring process. That process,
which has been described in ASX releases and various information, included asset sales and the issue
of shares in other companies operating in the USA.
We are unable to confirm or otherwise any of the information provided to us at this time and are
seeking to do so over the next few weeks.
ACN 051 792 495 Pty Limited was previously known as Scanline Pty Limited. We are advised that it
ceased trading some time ago following a sale of its business and assets in 2009.
Further information is being sought in respect of this sale.
It is understood from initial information received that each of the companies have creditors. One issue for
consideration by the Voluntary Administrator is whether it is appropriate for creditors interests in the
companies to be merged as it may not be possible to deal with the two groups of creditors separately.
However, each company is currently being treated separately and any merger of creditor interests will
only be considered following investigation of the information made available.
The Voluntary Administrator is required to undertake the administration process in respect of each of the
companies, including reporting to creditors and calling meetings of creditors to consider those reports.
The Voluntary Administrator is mindful of the interests of other parties, including shareholders of the
companies, but he has a primary duty to report on available options to creditors, including liquidation,
return of the companies to the directors or a Deed of Company Arrangement (DOCA). Whilst the
Voluntary Administrator would be pleased to receive any relevant information in respect of either of the
companies that any interested party might wish to provide, the Voluntary Administrator is not able to
respond to shareholder enquiries.
Should you wish to make an inquiry or provide any information to the Voluntary Administrator regarding
either of the companies, please do so by way of an email to: [email protected]
The information about the companies provided above is unable to be verified and is provided
without warranty on a best endeavours basis.

http://www.pinndeavin.com.au/resources/newsletters/solverdi_notice.pdf