""(buddy, kordamentha are receivers and managers for GNR not administrators..)""
ST,
You could have fooled me mate. But why is it that Kordamentha are the one running the show the and not GNR.??
GNR as the largest debt holder of PLV, had the right to call in an Administrator, (just the same as WISE had the right to do so until GNR decided to show/prove their muscles in Court), and the Administrator's purpose is to run the company in a way until they will be able to find out if the company is still going to be viable or not, and able to meet all of their commitments.
In the meantime, they will be paid quite handsomely for their work too. Don't ever forget that!!!
In the meantime, they will try and recoup the money owned by the Chinese company that didn't pay for that shipment of ore, and also try to recoup the money from WISE which they didn't pay to the JV either. Good luck to them though, IMHO.
Don't forget that WISE own the money to the JV, not to PLV itself for not meeting it's share of the JV commitments, and IMHO that is the big difference.
ST, just for the records, any large creditor of a company has the right to call in an Administrators if the borrower company fails to meet its' commitments and/or if they find themselves in financial trouble, and the Administrator will respond/report to them, and the company and it's shareholders, as to what they find out. Not just to one party while leaving the others out altogether. An Administrator has to be impartial at all times IMO.
A Company itself can go into voluntary Adminsiutratiuon too if they fnd out that they can't handle all the commitements which are coming up, and due.
A Company cannot trade if it is incapable of meeting its' commitments as they become due. TO PUT IT SIMPLY, IT IS THE LAW OF THE CORPORATION ACT. And if the Directors aren't doing that and following that rule to the letter, there can be in serious troubles and some serious consequences to be paid by them!!!
Kagara was the real case in point as to what I am saying, where the Company called in an Administrator, (and they had a MC of around $100mill dollars at the time that that happened and with a good share price too mind you, and after a while they moved into liquidation, and over the last months or so shareholders have been formally advised by the Administrator turned Liquidator that they will end up with nothing and to claim their losses in the next tax return.
Finally, If what they (The Administrator), find out is not to the Creditors likings, then they will advise to get into the Liquidation mode.
I don't like to point these things out to you and sundries, but it is the reality of things and we will have to be ready to expect the unexpected, not just laying in the flower bed smelling the roses while hoping that it will all go away and turn out for the best.
Me, personally, having learnt a few bad lessons in the past, I will not be counting my chickens until the hatching has been completed. NOT BEFORE!!!
I hope this will help.
Good luck, and Dyor!!
Expand
