I am extremely concerned by the terms of the Hartree offer, page-288

You're right Hartree could appoint a receiver. I think it's less likely, but I'm not scared of it either.

What Hartree really wants is control of the mine and the offtake, so why would they shut the mine and sell off bits to someone else?

a receiver could sell the mobile equipment, exploration licenses, maybe the new filter press and other kit that Hartree paid for. but acting rationally they may get a better outcome in administration. if the mine is making money it would be better to keep it running and get repaid eventually, or administrators could restructure the company and relist on the asx to raise the money to repay the debt. yes a receiver could sell off assets but this would make it harder to restart later on, why would Hartree do that when they're a 33% shareholder after all.

the most valuable asset is the resource in the ground and it can't be sold off in chunks. The Independent Expert valued the mine model and exploration assets at $232.8M. So while a receiver can sell assets and repay Hartree, at least Hartree's debt would be repaid and they no longer have us in a stranglehold. And we will still own the most valuable asset! the receivers would leave it back in the hands of administrators, and in due course the company can be recapitalised via the ASX.

I don't care how long it takes, and if I never get my money back at least it'll be an educational ride. Under Hartree I'm certain that we get nothing.