The debt was provided by 647358987 PTY LTD which has two shareholders who are both directors of 1MC, they originally put up a shade over $3M to get 1MC relisted. Since relisting the company has raised somewhere north of $10M and AB has received around 7-800k in salary and a few million in share based payments, James has pulled in 2-3 million in salary and millions in share based payments, the effort to relist it has been worth in for the BOD not so much for shareholders. If it went bust tomorrow who out of 647358987 PTY LTD and shareholders will rank higher as creditors?
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