Because an administrator will in effect conduct forensic...

Because an administrator will in effect conduct forensic investigations into how the company reached its current state and the role management and directors have played. They will also look as to whether the company traded while insolvent and whether any of the company announcements were misleading and deceptive which can give shareholders the opprtunity to claim against the company (if the rules haven't changed). That MF statement about see-through value on the 2% = $75m put option is the first place they can start!

The diectors and management are great at looking after themselves! I am all for holding them to account and have written off my 2c as payment to receive an interesting administrators report and to read about the administrator telling some of these so called stewards to get on their bikes!