The auction went ahead and the company sold equipment that wasn't theirs to sell. Some on HP agreements. WS bought a bit of gear (some of it that was already his) and the fire sale price was about 10c in the $1.00.
The problem now for the company is that any equipment that wasn't theirs to sell, they will have to recompense the true owner the market value not the sale value of any such equipment.
So the little bit of cash raised (a couple of Mill I believe) will possibly be lost via claims against them.
This is simply a ridiculous situation and unless Cygnet have a bloody big rabbit to pull out of the hat I think we may infact be insolvent within the next 3 months.
The only likely cash backers are Cygnet and Cygnet clients. The latter having already been badly burnt would be unlikely to put in further funds into any ventures so where will the money come from to stay afloat?
maybe a CLRS contract?
nice to see, page-8
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