I would've thought it was plainly obvious that it's commitment...

I would've thought it was plainly obvious that it's commitment to WICET brought Bandanna down. Nothing else I can see suggests any other commitments was going to exhaust all their funds to the point of drowning them. Obviously not being able to find a JV partner certainly did not help the situation but had it not entered into a capacity agreement with WICET, this would not have happened. They actually could have gone on for years doing some behind the scenes work in preparation for a recovery in coal prices if it was/is ever to happen. As at June 30 BND had $73m in the bank. They could have deferred their mining plans and subsequent payments to landowners. I wonder if any landowners were paid recently, I would imagine that if it can be proved/determined by PPB that BND was not solvent at that time, the receivers will ask for that money back. Disaster!
JMT