The bloke that has stumped up the $200k, who is now running the show, and his associates aren’t going to let this go into administration, they are far too heavily invested themselves.
Since they have taken over they have so far achieved all the goals that they said they would, when they took over.
1/ Solve the drain on the company in regards to the Marriott Rig/ Achieved.
2/ Renegotiate the toxic finance, that previous management had saddled the company with/ Achieved.
3/ Put more of their own skin in the game as opposed to doing a very bad diluted raise at current levels/ Achieved.
The individuals now running this, know what they are possibly sitting on, and they want it, the risks are still there going forward, but since they have taken over, I think they are in a lot better position than we were 6 months ago.
If you have a appetite for risk/ reward, then IMHO, you could do worse than backing these, who are backing themselves.
GLTAH
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