Ann: Change in substantial holding, page-57

I'm not sure.

The key point (in my opinion) is that Collins Street now has an enforceable right to claim ownership of New Elk and Black Warrior (presumably including the reclamation bonds). What they decide to do with those mines, is a matter for them to decide.

I don't believe this transfer will extinguish all of AHQ's debt (anyone can work this out easily enough). So, the administrator may also try to sell Short Creek and Tenas. I suppose the Administrator would receive the reclamation bond from Short Creek if they can find a buyer. That will be used to pay whoever needs to be paid (creditors, suppliers, employees, taxman, themselves, etc) and if there's anything left over, that will eventually trickle down to the shareholders.

Most likely outcome is the creditors take a haircut and shareholders get nothing.