At last Grey bull have got the comeuppance that they deserve why should they make anything out of this sorry mess, Monarch was doomed to failure once Grey bull and the Meyohas Brothers got involved just like Comet it was another asset striping buy-in by Grey bull. And as if they had won does anyone really think they would have paid back the £60m to the Government not a chance.

The only creditor that benefits if successful is the secured creditor and that is Greybull
They need to pay for the Appeal themselves!
it should not be funded by the company in liquidation this is offering preferential treatment to one creditor (Greybull) in front of the many more..If Greybull made a binding commitment to distribute the proceeds then maybe this is worthwhile and right but that is not the case in this instance so they should fund this appeal.

They will spend another £100k + and the answer will still be NO so whats the point?

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So, the administrators will waste MORE of the equity of the failed Monarch.
As judged, it was correct for the slots to go back to the pool.
Monarch is dead. They have ZERO claim against the slots.
Greybull need to get over it !

The Judicial review, including Legal advice probably cost around £100k. Given the reward would be upwards of £50m the decision of the administrator, who are legally obliged to realise maximum return for creditors, to continue the case until all avenues in exhausted is correct.

Given the return to creditors without slots will be virtually zero, and with slots will be a little more than virtually zero, I suspect that most creditors support the administrators actions.

They have ZERO legal rights to the slots. PERIOD.
As soon as Monarch was declared bankrupt, the slots revert back to the pool.

The costs are more likely to be 500K+

Whilst I agree with you as to the legal position of the slots, the legal responsibility of the Administrator remains which is to maximise the available distributable funds to the creditors. Whilst there is a chance to realise upwards of £50m they should pursue it, whether or not you or I believe they will be successful.

As it currently stands the only creditor getting anything would be Greybull, so for others to be within a chance of anything, then then the administrator will need to win. As it stands, Greybull are effectively paying for this as they are seeing their return diminish.

There was legal ambiguity so the initial JR was in my view justified, I do not believe the appeal will be successful, however it is within their rights to ask for it.

A judicial review cost is around a grand, legal costs will never cost 500k, even for the most expensive QC, so I very much doubt the cost you purport are correct. I am happy to be proven wrong though.