Indeed Wander - you see they are working for the creditors and...

Indeed Wander - you see they are working for the creditors and not the shareholders.

The Longer term will most likely involve a written report from KM on the events that caused the collapse of Arrium and also whether there was any wrongdoing on the part of the directors.

Then the only course of action will be for the shareholders to take the directors to court for breach of their duties (if there are any) and seek some compensation through insurance. Unless there is a re-cap plan in all of this for the remaining part of Arrium (exc. Molycop) shareholders will get nothing.

Let's wait for the KM report.  

And I hope it gives a big Fail test result for former controlling Chairman Peter Smedley.

Stupid decisions to:

1) borrow $600 million on buying WPG in October 2011,
2) disastrous 5 year take or pay contracts with no opt out strategy if the price of iron ore fell below the breakeven price,
3)pushing away the takeover offer of 75 cents per share (and then increased to 88 cents per share) in mid 2012.
4) And then ignoring warnings from analysts that its debt was too high (and capital needed to be raised) until it was too late come November 2014 (when they raised $754 million they issued 3 times the number of shares then if they raised it 10 months earlier when the share price was around A$1.70 per share).

And to think the independent directors let this pompous cockhead keep his job and depart on his own terms only 9 months before it entered VA.  A bit like slamming the Titanic at full speed into an iceberg and then jumping into a life raft first (along with Geoff Plummer) and enjoying a fine meal in an expensive New York restaurant - instead of peoples lives it was a lot of shareholders money these cockheads ruined.

No doubt they are enjoying decadent lifestyles in retirement - DISGRACE.

And all both of them can say now is either "No comment" or the gutless chooks are "Unavailable for comment".