As far as I can tell, WMC management had been discussing 'Going Concern' issues months before they started talking to FTI. It was very obvious in the half-yearly report that things were looking precarious...
What I find interesting in the info you've posted is that FTI was originally asked by Milan to make enquiries with Byrnecut to determine their position / attitude toward supporting WMC in a voluntary administration setting, but then Milan changes his mind after signing the FTI engagement letter & tells FTI not to hold any discussions with Byrnecut.
I wonder if Milan ended up having any chats in person with Byrnecut about the VA discussion point with FTI on the 14/05/22, or did he decide to keep Byrnecut (and many others) in the dark while continuing to promote 110k - 120k ozpa by the end of CY2022 (as per the Jun'22 Operations Update on 08/06/22)? Perhaps Milan was in a state of denial about impending VA until he was tapped on the shoulder & expeditiously ushered out of WMC only two weeks before things disappeared under the waves of trade payables & delayed sales revenue.
The Administrators Report should be informative reading when it's released.
WMC Price at posting:
20.5¢ Sentiment: None Disclosure: Not Held
