Ann: Lenders Update , page-56

What you described relates to the last management, who has subsequently left except a few (Bob was the CFO who was promoted as Interim CEO).

Also the feasibility studies took into account of a higher POS and POC which we know now has dipped significantly.

Blumont as i have mentioned earlier is a mistake, primarily because DML is desperate and Blumont is one of the first to rock up with something decent. They jumped onto it and now we all know what happened.

If we are to be irrational about a takeover offer or a big recapitalization offer, i am not surprised if we get another Blumont!