X64 20 cents party, page-5

If a Gold producing company was 57c when it was delisted 2 years ago with Gold just under 2000 USD.
...and then 2 years later Gold is 2900 USD, bearing in mind Gold companies are meant to be highly leveraged, then the company could be easily be valued at 150c.
If you owned 40% of the company then that would equate to 60c.

So, why is the potential re-listing of this company going to be only 20c?
I ask out of ignorance because I have not followed the operations of this company for two years and genuinely don’t know.
Is it because they have run the company very badly during these two years, or is it because greedy creditors/directors are helping themselves, or other reasons?
Anyone care to summarise?

Thanks in advance.