Steve Sherman's primary role is to act in the best interests of Ventracor Ltd's [Aust] creditors; as it turns out the vast bulk of creditors [in the liklihood of Ventracor Ltd [Aust] ceasing to exist as a going concern are current employees and management.
If the company is to be sold off, in whole or in part, employee redundancy payments/entitlements top 5 million, including whatever is stipulated in the termination clauses of the CEO's contract.
It could be argued that the interests of the creditors and the company's shareholders are in alignment [ongoing specialist employment, share options on the one hand and a fair value SP for the shareholders]; they are only lined up if both parties believe that the company, currently in VA, has any sort of future.
And there's the rub, voluntary administration.
The authority vested in the Administrator is extra-ordinary as it would normally need to be when brought into a company that is on its knees. If an offer[s] are made in the next few days which would meet all the creditor's requirements the adminsitrator would accept it on their behalf, and shareholders would be left to ponder "what might have been"
Many of us believe that Ventracor Ltd [Aust], however battered and bruised it may be at the moment, most of those injuries self-inflicted, has an extremely bright future as a going concern.
Steve Sherman understands this but he also has a job to do.
VCR
ventracor limited
