I doubt if Mr Fry is as incompetant as you suggest he would in all probality been liasing with his superiors and the other joint administrator.
Although I have always struggled to believe that Pinnacle were the front runners with Lynam in charge there may well have been substance to their bid at sometime in June and may have been offering more than the Swiss which was more acceptable to the creditors
Even though you and I would have probably wanted the Swiss Fry and the Creditors would want the most money ie Pinnacle