DazedI agree but I think the issue is that Korda Mentha will...

Dazed
I agree but I think the issue is that Korda Mentha will cast a critical and independent eye over CAI performance and projections. I suspect DR and the Board have lost all credibility with Macquarie not least as the June Qtr appears to be a dud as evidenced by DR suggesting a lack of chunky, positive cashflow. The June numbers will shine a light but will they ever emerge? In my view, Macquarie must know the numbers and probably did within minutes of them being available.
Looking at the chronology, we are led to believe CAI Directors called in Administrators, apparently in short order, out of the blue and not long after a Capital raise and SPP [oversubscribed!]. As a direct response, Macquarie pulled the pin and appointed Korda Mentha, as Receivers and Managers. Quite how McMahon fit into it I have no idea.
I agree it hinges on is CAI viable and how much are the assets worth, albeit under a fire sale. From what little we know, it is hard to see beyond Macquarie taking all of what little is available, unsecured creditors and shareholders getting wiped out. It is not obvious to me that there are any winners here. I do not think any of us know for sure what triggered this bewildering situation and look forward to some communication from someone in due course. You might think that is the least that shareholders who are looking down both barrels should get.