Ann: ASIC Determination, page-98

I agree that this seems a bit of a wist of time to try and get ASIC to agree... but my question is why? Why play this risky card knowingly well enough that there is next to zero chance of ASIC allowing this to happen. Why further risk the reputation of the company and management. Is it really just a last desperate attempt to raise capital to pay FC Capital out.. or is there something else bigger that's in play! What are the likely reasons that has lead to BIG attempting such a move? Also who lets assume that they were able to release a reduced prospectus.. who would have purchased stocks the stocks on offer based on previous (false) accounts and what would have been the offer?