They would have known 12 months ago if Arrium traded while...

They would have known 12 months ago if Arrium traded while insolvent, interestingly UBS raked millions in fees from the sale of Molycop as they did under the former Directors when attempting to sell Molycop and acting as advisors to the Board prior to administration.

The fact KM kept UBS on the payroll says it all, be interesting to see who made all the money on the short positions leading to administration which KM claims is confidential.

Just like Ansett you'll find the KM report says the Board did nothing untoward and ASIC state no action to be taken against former directors, the reality is the capital raising in 2014 was to keep the company solvent and get the funds to close Southern Iron which the Board failed to mention in the prospectus.

Meanwhile KM will continue to milk this cash cow for the next couple of years, millions to be paid for 'investigative accountants' looking for anything dodgy then handing over a mostly 'confidential report' to ASIC with no one checking KM's invoices.

Those creditors receiving 15% would be quite bitter I would imagine, especially if KM receiving $40m bonus approved by the banks for their 'great return' to the lenders is true.