Ann: Appointment of Voluntary Administrators, page-50

I agree, Gandel is the largest shareholder as well as a creditor and I think/hope he is pushing to get debt swapped for equity at a FAIR conversion not the ridiculous amount the other creditors were promised. The words in a previous announcement was upscaled, restructured and repriced and also Gandel was to only have 20-25% equity. If his share equity was not to be counted then he would hold over 50% debts so they must be including his existing shares and therefore all shareholders. He holds around 13-17% at the moment as well as his $2.1 m debt. The total debts were $4.1 m I think.

I am optimistic except for the debt holders who might want the lot for themselves and maybe that is why administrators were called in, to find out why/how these ridiculous notes were issued and maybe some of them are directly involved in this total stuff up and therefore responsible

Also if the company was to be wound up they would not have continued with operations.