Administrators report out, not much new info. Korda and Ferriers disagree about the valuation on certain items. There may be a couple of avenues for action against the directors subject to further investigation, but as the insurance lapsed when the company was put under it's unlikely there will be any recovery even if successful.
They have been trying to sell the land and plant since about July, but have not had offers to satisfy Ferriers valuation.
The IP is difficult to value (as expected) and could take a further 5 years to determine this. Further work would be required with no guarantee of future commercial success.
No mention of any negotiations with IFCA or anyone else, IFCA never looked like a genuine proposition anyway.
Resurrecting the company by a recapitalisation has been put forward as an option, but Korda seem to be hinting that Ferriers are blocking this from happening.
Administrators want another 60 days to try to sort things out, if not company will be put into liquidation with shortfall to creditors of around $37mil, and nothing for shareholders unfortunately.
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