I don't see how KordaMentha can run the mine better than...

I don't see how KordaMentha can run the mine better than existing management.
DR laid out a plan to resolve the grade issues... what could the administrators do differently?

If Macquarie wants to mine Warrawoona to cover the hedge (or the debt) before sale of assets they still need to do it profitably (to pay McMahon)... which would mean the pit is viable. If the pit can not run at a profit as a standalone then the existing strategy is the remaining option.

If, as some people think, the pit is not viable and the strategy of JV + Nullagine is not viable then not even Macquarie will get a penny more (because who would buy it?).

We still have not been reliably informed what triggered this. If it was because McMahon called in the debt then the decision revolves around the question of whether CAI can actually trade out of the problems or not.