black opal, the point is that these accountants are experts at...

black opal, the point is that these accountants are experts at running companies. Doesn't matter whether they are mines, boat builders, second hand car yards - the fundamental principles are the same. They are also good at assessing quickly whether it is worth trying to save a company. In this case, with the silver price where it is and costs of $30 - $35/oz, the answer is easy.

The company in receivership has no money. Even care and maintenance costs $$$. Unless the people who appointed them are prepared to fund C&M through until the POS revives, in the hope of recovering more or all of their debt then the receivers can't do anything other than sell to the highest bidder.

I suggest anybody interested should read the CCU threads. They went into receivership a few months ago. The s/holders tried to arrange a buy-out but failed. They seemed very well organised, and had a previous MD as a cornerstone shareholder. CCU's mine was much more viable than AYN's, too - and the POS was quite a bit higher back then.

Another point. De Slyva is also the Chairman of PLV, which also went into receivership a couple of weeks ago. If both companies are finally liquidated, then he could be banned from holding any further directorships by ASIC:

http://crsinsolvencyservices.com.au/faq-items/will-i-be-disqualified-as-a-director-by-asic/