Ann: Appointment of Administrators, page-125

I've always bought companies with little to no debt.
Bought into A40 because I thought they had a very small and manageable debt, which can be easily paid off with a small capital raise.
i stopped averaging down as I know that the company is treading on too fine of a line at the moment, margins were too slim for the bottom line to be in profit. Was waiting for a rights issue to pay off the debts, which was the time I would average down my last batch. But rights issue didn't come, a placement happened instead at 20 cents, valuing the company at well over 250mil. My shares were diluted, but the debt was not repaid, thus i continued waiting, averaged down a small batch at .13 to get my cost below the placement price, cos you know, it's always better to undercut the big boys, that's the perks of being a retail shareholder.
This turn of events became such a big joke that I ain't even mad about losing my money over.
40 million dollar debt that brought a 250mil dollar company to its knees, here's how it happened!
Absolute work of art.