As 'trouble' seems to be this company's middle name, probably...

As 'trouble' seems to be this company's middle name, probably not. The second proposal seems to not be too pleasing to the Administrator so that probably means the first proposal will be pushed through and we get the reverse stock split of 400:1 which probably means the end for most holders due to having an unmarketable parcel of shares.

However, as we have seen 'anything can happen' with this company. At least the second proposal attempts to address all outstanding obligations of IDC and Summit, so Australia and PNG, It also suggests a management split of sorts - Brian the first proposal, and George the second proposal.