Fair point jhu but if this order to buy was actually placed...

Fair point jhu but if this order to buy was actually placed yesterday it was placed at approximately 1/100th the value of the current bid (and all time historical low) for GBG shares and also presumably at the absolute minimum bid level able to be placed on the trading platform (as close to $0 as is possible).

The only reason I can see that a seller would conceivably sell into this bid would be if they had inside knowledge of the imminent failure of the company prior to an announcement being made to the market (ie that administrators had been appointed to the company). I personally would not be satisfied with this defence from the market participant who placed the bid if I was ASIC and if I got your argument as a fob off from ASIC in answer to my question, I would be very much inclined to take the matter to my local MP.

After all ASIC requires Ministerial consent before making the integrity rules and any rules are subject to Parliamentary disallowance.

ASIC is accountable to the Parliament and the Parliament is accountable to the people. Don’t be shy to exert your rights if you feel aggrieved.