Hi @BobGee Re
RV : I think Teo's termination was the shot across the bow which caught RV's attention. My sense is that all was comfortable with cash retention at PMC. This I think goes someway to explaining why dividends were not flowing ... RV didn't want to share 
. Since that termination and up until his own termination McGlinn et.al had been fleshing out and stamping out some comfort hollow logs. I'm not sure what history RV has with X64 ... possibly he was a founding elder. But I think the action by another clan suggests that he is not acting for all relevant clans.
The choice to only appoint VA to X64 Limited is interesting. By definition, all subsidiary companies remain within control of the board of directors, including MMPRC an, Komo and C.Queensland. Possibly it was to avert any consequential damage ie forfeiture of tenure. Possibly the directors are confident that they are best placed to negotiate with RV. Possibly the VA's want some 'plausible deniability' in their back pocket. I don't know. In their appointment documentation they talked about presenting a strategy and VA option to the board ... not sure those 2 words should be in the same sentence. Insolvency should not be a strategy
The flow of wealth was described as PMC mined and delivered ore to MMPRC (tolling fee) who produced dore which was refined and sol by Komo (cost plus fee) who in turn paid PMC for the dore. MMPRC is contracted to process at US$16.50/t. Per the administrator they had stopped paying that fee also but MMPRC (surprisingly) is continuing to process. Komo has not traded gold since RV got his marching orders. You have wonder then why these too are no potentially insolvent.
So you look at the balance sheets. A consultant had been engaged by X64 pre VA to profile each member of the group. I built a rough balance sheet excluding PMC which shows net assets of around US199m including a US$248.379m loan MMPRC -> PMC. I suggested to the VA's they might consider pooling the assets and liabilities of the subsidiary companies ... of course they haven't ... er, that I am aware of.
Have a great day.
PS : Welker is progressing an unfair dismissal in WA. Not sure the administrator is resisting this claim. It's not obvious from the court documents. Also, not obvious that the administrator is pursuing the costs awarded ex Federal Court against Welker... who would have thought
(20min delay)