all over red rover, page-63

http://www.northernstar.com.au/story/2010/04/16/100-forestry-jobs-at-risk-receivers-timber-company/

"... FEA went into voluntary administration late Wednesday, but in a series of fast-moving developments receivers yesterday moved in taking over all parts of the timber company, other than its 17 plantations.

"The reason receivers were not appointed to the plantations is because they have about 1300 investors.

"In a statement to the Stock Exchange, receivers Tim Norman and Sal Algeri said it would take some time to work through the complex company structure."

Looks like the receivers indeed want to get rid of MIS responsibilities from start. Now FEA can talk to MIS growers, "Look, now FEA is insolvent and we have to transfer the RE title to others as GTP did (and you have to accept a big loss)".

A probably better alternative (for shareholders especially) is to have a "project transform" as GTP did. With this approach, receivers would talk to MIS investors (and maybe also convertible note holders): "Look, FEA is now insolvent, so we have to have a 'project transform', that is, to transform all your entitlement to FEA ordinary shares at 10c (or whatever) apiece". If they agreed, then FEA shares would re-trade at maybe 1 or 2c a share.