I think that the whole thing is very convoluted and a hell of a mess.
The first step is that the administrators have to present the offers to a creditors committee. It would appear that whilst a formal binding offer is yet to be presented on behalf of the ANStaff consortium, the Administrators would in my opinion have a few problems if they were to reject it.
The creditors committee then having evaluated the offers would either concur with the administrators recommendation or alternativley present their own recommendation to the next meeting of all the creditors.
Given that the largest number of creditors by sheer numbers and not by value are current and/or former staff members, the voting at the meeting of all creditors, I would suggest would be very robust. I would not predict the outcome.
[ 11 November 2001: Message edited by: rpt2 ]