This pretty much sums it up from the article and from the old...

This pretty much sums it up from the article and from the old timers (no disrespect intended), who know better and have been around this company for a long time... The board were looking for a trigger/excuse to hand the company over to the CEO via the VAdmin. See below comments from article.

"Marcus Pillhoffer, a financial consultant and former finance officer of McAleese with 827,000 shares, said he had lost 40 per cent of his family's wealth "so I am embittered".
He defended the Mackay shareholders, who own premises rented out to McAleese at a boomtime rent through a separate company, TTPH, saying they were being unfairly blamed for tipping the company into administration by refusing to renegotiate the rent.
"We have never said we would not renegotiate the rent. We have only said we'll negotiate with the company when we know who the company is," Mr Pillhoffer told The Australian Financial Review.

He said that had been their position for the past nine to 12 months and "in the last two weeks there has been no official communication from the company to the landlord who is being blamed for the administration".
"It's rubbish. It was somebody looking for a trigger and it was a convenient trigger to implement their deed of arrangement to hand the company to the CEO at the expense of long suffering shareholders."


Read more: http://www.copyright link/news/load-of-crap-mcaleese-shareholders-vent-anger-20160829-gr3kqw#ixzz4IhVOFru8