My understanding is Copolus was restricted to full participation...

My understanding is Copolus was restricted to full participation which was about $49k. He forwarded a loan to INT which would convert into shares once the exact amount was known which was dependent on sophisticated investors. ie it might have ended up more than $49k. That was my understanding.

I 100% agree with you. SPP participants should rank highly in a windup scenario. They is argument that INT was trading while insolvent. And any transactions that occured in that period can and should be cancelled. This is within the rights of the administrator and is typically used to prevent/reverse transfer of assets just prior to falling over.

The suspension and administration were very close in timing to the unsuccessful spp. So good luck pushing the matter. Though I suspect your prefered outcome is INT survival, atleast you may recoup something via spp refund.