Administrators are looking for prospective buyers by the end of December 2007. The charges against the club by the FA still stand as well, unsurprisingly. There is also likely to be a 10 point deduction given to Luton, because of the FA's policy of kicking a team whilst they are down.
Luton were last in administration in 2003-04, Mike Newell's first season, the season after John Gurney's exploits ruined the club. Prior to that, the post Kohler years saw extremely grave financial worries which led to receivership, and the club narrowly surviving extinction. What then followed was a mass exodus of the talented players, but this has already happened at Luton, and there aren't many talented players left to sell.
Bottom of the league, we're having a laugh.