maybe mm can get it cheaper from a va

Maybe MM will find an escape clause (there are plenty of conditions other than FIRB in their offer)and bail.

Then they can try and buy whichever bits they want from the administrator. Sure they might have to bid against other bidders - maybe BHP for eg. Maybe FIRB could block this, maybe thats why they they need the whole Co. But why pay the shareholders as well? This bit really worries me.

Either way, the Banks are going to get their money (presumably they are SECURED creditors). And if it takes them longer to get it does it really matter to them?
A forced sale of PH on its own will repay them with accumulated interest. And by the way, you cant blame the banks. They lent money on specifically agreed terms and the terms were well and truly breached by the borrower.

Very strange and weird situation.

As to volumes traded, thats happened before with Onetel, HIH, BNB etc (only one out of three for me - yay unfortunately it was BNB and it was $99k - the other $1k is suspended) . I take no comfort from the fact that today $60m worth of buying took place and similar since the TH. And its not daytraders - no disrespect but $60m is a lot of trading. And its not BOTs (what are those anyway) or margin calls or conspiracies.

I'm still a holder AVG 77C)so I'll hang in there for 82.5c or better bid or zero. Cest la vie. Easy to say when you are only in for $20k. Harder for Daphne et al at much bigger $. Feel for you guys.

And in the meantime Mickelmoronmadeupoor or whatever his current tag is draws a salary. He should hang his head in shame. He's not alone.

Anyway, good luck punters and holders. I think its 50/50 but I'm still in.

Excuse the somewhat rambling tone but hell what the hell you gotta stay cheerful in times like this.