You have to ask yourself why would a company take legal action against 2 institutional loan defaults if they surely knew they would have to call VA in 14 days you wouldn't would you court case could drag on for a while in the case of VA no directors would be there nor have access to funds to fund a court costs.
So I'm thinking the other interested party has come with a better offer and a recapitalisation of the company will proceed.
FW obviously tried to low ball them and now they have thrown him under the bus.
Another point if all negotiations have stopped with all parties the company would have to call VA as of today as they don't have 33million to cover current liabilities VA has to be called if the company believes they can not meet liabilities even if they are a month away.
QIN Price at posting:
29.5¢ Sentiment: Hold Disclosure: Not Held
