Agree, i do not see a premium on the LLL holding on a sale of...

Agree, i do not see a premium on the LLL holding on a sale of FFX. The buyer will want a decent discount for the holding risk until escrow ends. The longer this goes on the worse the result will be for holders.
The safest thing for the BOD to do is to run on a skeleton staff, distribute the bulk of the cash ASAP and distribute the LLL shares when they come out of escrow. By the time escrow ends there will have been 2 years since the Morila cash debacle and they would assume many holders would have been through the 'blowing off steam cycle' by then. ASIC/ASX would have moved on as well - from doing zip anyway.
I would not be surprised if they decide to buy into a resource as $40 mill will go a fair way especially with 17.6% of LLL shares they can cash up after escrow.