voluntary administrator pitcher partners

I guess I still carry some hope. Can't help myself. Glass half-full, and yet I am gutted. Came clean to the wife over the weekend - and let's just say she's not a happy camper! It's looking very likely that I might have to start my portfolio from scratch.

At a minimum (given the cash balance and assets) I think ultimately we'll see a restructure and dilution (heavy?) of current shareholders interests and then a re-list. Timing unknown. A lot of our future now rests with the turnaround of the platinum industry (prices) and global markets and interest/demand for our JV assets.

The ongoing dispute with the contractor a wildcard. From memory they owe us money for the employees we took over, so I'm guessing the issue is around future employee pay-outs and the ability for PLA to cover them?

Just found these details below on the man now in the drivers seat. Probably worth us doing a historical search on the companies listed below to get a better idea of our future and the probability of any return?

http://www.pitcher.com.au/staff/86

Bryan Hughes
Managing Director - Perth

Professional Background

Bryan is the Managing Partner of Pitcher Partners Perth and the National Head of Pitcher Partners' Business Recovery and Insolvency Services. He was formerly the Managing Partner of Pitcher Partners' predecessor firm from 1994 until 2004.

Bryan specialises in corporate turnarounds, reconstructions and insolvency.

He has led the turnaround and reconstruction of many companies in administration, including the Oceanfast Group of Companies, Consolidated Gold NL, International Mineral Resources NL, International Assets Pty Ltd, The Valiant Group of Companies, Formulab Ltd, General Gold Resources Ltd, Joyce Corporation Ltd, Kingstream Steel Ltd, Matrix Oil NL, Lach Drummond Ltd, Deep Yellow Ltd, and Environmental Solutions International Ltd. Bryan has also worked closely with the major Australian banks on a variety of corporate receiverships, including the Boat Torque Group and numerous hotel and hospitality appointments.

Bryan has undertaken postgraduate studies in insolvency law and successfully concluded negotiation and management courses at Columbia University Executive Business School in New York. He has given numerous presentations on restructuring ASX listed companies together with presentations on formal matters pertaining to distressed businesses and insolvency.

Industry Experience

Throughout his career Bryan has gained significant experience providing services to clients within a diverse range of industries including mining, mining contracting, hospitality and tourism, printing, ship building, retail, manufacturing, agriculture, aquaculture, viticulture, and oil and gas.

Areas of Expertise
Turnaround and restructuring assignments
Restructuring ASX listed companies using the Voluntary Administration process
Acquisition due diligence and structuring
Investigating Accountants' Reports
Professional qualifications and memberships
Bachelor of Commerce
Official and Registered Liquidator
Member of the Institute of Chartered Accountants
Member of the Insolvency Practitioners Association of Australia
Member of the Australian Institute of Credit Management
Member of Australian Institute of Company Directors