Ann: Arbitration Notice, page-149

Good points you make in that post. FFX to continue trading had to raise and pay the debts. FFX financed the operations of Morila.
The separation is certainly not cut and dried. The intentions and implied intentions will certainly be taken into account.
The documents with the cash clearly state the raise would pay debts either by issuing shares or cash the purpose of which was to continue trading.
The Arbitration will take this into account. Is that an admission of liability? Its not as cut and dried as the BOD say.