All employee's rank above shareholders and alongside creditors such as TTY and IRL. Employee's of subcontractors are a different matter, what relationship they have as workers with their bosses and the subcontractor company finances I cannot comment on. It is not unheard of for busts like this to bring down smaller subbies (remember CTR when Cawse went belly up anyone?) Total debts are $25M+ and assets are alot lower than that in a realisable manner.
As no one appears to be a 'secured creditor' (referencing the recent West Australian article on the incorrect paperwork for the TTY loan and Minjar assets) then its all in for an even distribution. A few to a few tens of cents in the dollar are the best people can hope for in my opinion.
When Ansett went under, alot of staff went through a bad time for ages, but got alot back in the end, although long service entitlements etc were smashed from memmory. I could not be so sure about MON.
MON Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
