Voluntary or Not?, page-3

Jim,
I think Macquarie trumped the Voluntary Administrators with Korda Mentha as Managers and Receivers. To my mind, I think we have to accept the shareholders have had it.
That said, the June quarter was meant to be good; yet DR let slip in the latest Crux interview the cash balance had not moved much so clearly this was not the case.
Equally, I am struggling to see how Macquarie can be made whole if they need the outstanding loan and the Aus$ 1,000 an ounce on the outstanding hedge. Dazed posted a good You Tube on the mechanics of a typical hedge deal a few days back. I do not know what the Calidus assets would be worth in a fire sale but given what we paid for Nullagine recently, none of us can be filled with optimism. So if Macquarie are going to take a big haircut, Macmahon must be looking at a very big, very empty hole.
So if CAI gets liquidated and sold for a pittance, it would appear the Macquarie come up short and there is nothing left for Macmahon / unsecured creditors and the shareholders get wiped out. That begs the question, why go down that road unless operational performance is just dire and we have no prospect of making it better? I suppose enter stage right Korda Mentha to adjudicate on the DR version of both events and prospects. .
The thing that has riled me is that a lot of us have supported DR through thin and very thin over many years. I thought we had at least stabilised and had a long shot at a brighter future. Let us not forget CAI had a recent Capital raise and an oversubscribed SPP. How can we possibly rationalise it is all going "swimmingly" to it has all gone "t***-up"! I accept my decision to invest is mine but I do feel I have been let down very badly by DR and I presume the other Directors. I never expected to write that.