MBN went broke because the nickel price fell dramatically after the mine started operating (see 2014-2017). Bond Holders then did what they had to do as business people.
Share holders, then including me, lost out because secured bond holder debt overrides share holder capital when it comes to restructuring under Australian investment law/regulations. ASIC has something to answer for here I'd say, but it likely would be a losing battle to try to challenge ASIC rules.
The mine was able to be sold for a lot more now because of the huge rise in the price of nickel since then. That was not foreseeable with any certainty back in 2017.
I am angry too, as much as with ASIC as the bond holders, but have moved on for the sake of my mental health.
MBN Price at posting:
8.3¢ Sentiment: Hold Disclosure: Held
