kaching it's payday

Today is pay day for Messers Gianni & Rudd. Under a legendary deal negotiated by the Fairstar A team in 2010, they agreed to an annual advance of $300k each against future royalties payable to these two. Trouble is that its a long way from production and there's no time limit nor cap, so every April Fool's day G&R go past go and collect another $600k with total advance including today of $2.4m, unsecured and repayable only out of future royalty entitlements.

Trouble is FAS seems to be running behind in meeting its commitments and looks like the entitlement from last year is yet to be paid. According to 2013 half yearly, a trade creditor for approximately $600k had started recovery proceedings.

So maybe today has not been pay-day after all.

I trust the new director is on top of this and other pressing creditor issues.