Krismiler. You forgot to mention that the administrator pays themselves first. Handsomely.
KordaMentha did pretty well out of Ansett and certainly strung the process out long enough. Administrators fees make lawyers jealous, and even secretarial staff are charged out at hourly rates approaching a Captain's overtime pay. With $700-800 million in the bank and the creditors behind a wall, the administrators would have a fair bit of working capital to play with and not have to worry about loans or asset sales to keep things going. Potential investors might be waiting for a restructure in their favour before committing any money.