KBL owes creditors. Since the creditors got behind, the board...

KBL owes creditors. Since the creditors got behind, the board has replaced the MD with an accountant and a new COO is based at the Mineral Hill mine.

Without these issues, KBL would fold; Quintana would be happy (if inconvenient) secured against Mineral Hill and Sorby Hills; a liquidator would be rich; creditors would get something; shareholders would get nothing, KBLGA noteholders would get nothing.

The only thing shareholders can do is average down. I for one have done that and I assume I am not alone.

The only thing management can do to benefit existing shareholders is a rights issue. They have done one which was well-received. I would like them to do another.

Management must raise funds as they are needed to meet their creditor arrangements. If a creditor moved to appoint a administrator, then Quintana could immediately appoint their own man to replace him. So creditors other than Quintana would be unlikely to get a benefit from liquidation.

Similarly a hostile board spill or TO would likely cause Quintana to appoint an administrator.