Ann: Moreton Resources Enters Voluntary Administration, page-12

Say they win a settlement in the court case and pick up $6m net. $3m goes to the secured creditors ie old management and then employee entitlements etc get a slice then FS, who stupidly lent these muppets $12m UNSECURED, will get a bite of the cherry. They might be left with $9-10m owed to them which they would, I guess, seek to recover from a sale of the mine.

I believe the asset is close to worthless given that 3 companies have now gone bust trying to make it viable. It is either metallurgically farked or the entire ponds + processing plant need to be rejigged etc. I dont believe the public equity market will support another junior trying to turn this into an operation.