I can't see that a rights issue can do anything more than keep...

I can't see that a rights issue can do anything more than keep the Company afloat for a little bit longer. I don't think it can possibly raise the sort of capital needed to start production especially if the rights issue price is as low as himalayan indicated.

To my mind an administrator has to be better than allowing the current management to continue to operate.

Who is going to contribute yet more funds to a management that has created as big a debacle as this one?