Perhaps re-read the clauses again and when a security interest...

Perhaps re-read the clauses again and when a security interest can be registered.
Then read their conclusion.
Are you suggesting the administrators conclusions are incorrect but you are correct ?
And where is RealTeks rebuttal?
In your example, you cant claim its secured when it is not. You are misunderstanding the situation. I will stick to the administrators conclusions rather than your misinterpretation.
This situation should never have occurred and Miller as CEO should of navigated throught this and been forthright with the market. The responsibility falls at his feet.
I understand its about keeping face, but Realtek is not clean either in this debacle.
Miller is finished and I would not be surprised if he and the board face legal action at some point and potentially action from ASIC (if they ever get their act together)