New Day (Just around the corner), page-9

$89m but fair point. However as I pointed out at the time, that cash had plenty of calls upon it:

https://hotcopper.com.au/posts/24611997/single

We know that as at 31 Dec 2016, QIN had $89m in cash. We also know that every quarter, they are paying out $12m of cash in interest on their debt, whilst they have written puts over about $85m of the plantations. After today's disclosures, the exercise of those options appears much more likely.

Given the absence of significant revenues from the sale of Indian Sandalwood oil, QIN are utterly dependent on sales of plantations or cap raises for their continued survival. Clearly Plantation sales will have become more difficult given the lack of credibility of management and the career risk of investing in a product that has been identified publicly as fraudulent. In addition to this, it seems likely that ASIC will be keen to take a look at QIN's balance sheet and that the class action vultures will be circling over QIN's lack of disclosure.

So for me, the biggest question is how long QIN can survive in these circumstances. Frankly, I don't know - but what I do know is that QIN's cash position is likely to become critical sometime early in FY18. ​

(quarter was typo, should have been half)

But cash that still pales into insignificance compared to the behaviour of the board and management regarding Galderma. That alone was enough to make any rational investor run for the hills.