all over, page-38

MB

Recievers will act on their security - as receivers & managers they can operate security until secured creditor is paid in full or they can cut a deal.

recievers can run an operation for a very long time - Rottnest Island Lodge being a good example in WA - recievers appointed in 1989 were still running the joint 15 years later !

They will keep operation going and collect cash for their creditor. They will hold an indemity from their creditor for an amount of running costs if they need some cash to keep things going ( you will find that the mining contractor will demand 7 day terms on work they perform & that the rate will now be a multiple of rate they had been charging until now !- so cost control will be an issue. ) I suspect they will look for offers ASAP , and in the meantime keep it running - Considerable amount under leach which should keep some cash coming in .

The VA will have no access to cash ( only cash held in subsidiaries not effected by receiver appointment ) and will have to wait until recievers are finished before they can attempt a restructure. it gets messy.

Cheers

baraka