Here's another possibility raised by Bryan Frith of the...

Here's another possibility raised by Bryan Frith of the Australian at the end of his article. It presumes though that Wah Nam still has cash backers with deep pockets.

http://www.theaustralian.com.au/business/opinion/atlas-and-ferraus-cook-up-a-curious-deal-that-trumps-wah-nam-bid/story-e6frg9kx-1226083066364

'The two-step nature of the proposal may also provide options for Wah Nam. Acquisition of FerrAus by Atlas would cut across Wah Nam's plans to consolidate FerrAus and Brockman. But it may be possible for Wah Nam to allow its bid to lapse and vote for the Atlas sale of its southeast Pilbara assets to FerrAus. It could then come with a rival bid to Atlas for FerrAus which, if successful, would enable it to combine the Brockman, FerrAus and Atlas's southeastern Pilbara assets.'

It will be very interesting to watch this play out. I only hope that BRM benefits in the end.