Is it too simplistic to note that the subsidiary gold operating...

Is it too simplistic to note that the subsidiary gold operating company is clearly insolvent (particularly at current POG!) - so that needs a VA appointment immediately...

whereas the head company (FFX) has relatively minor ongoing operating costs; probably cash (still) and retains a swag load of LLL shares. The VA can look gazingly at the LLL (crown jewels) - but can't do much to get his hands on them... What legal obligations does the head company have to the subsidiary (perhaps trading while insolvent issues) ??

That's why we have limited liability companies, surely?

Time will tell - but I suspect some are seeing this as a black/white situation - whereas there are all sorts of nuances in this situation.