Opening on Monday, page-46

I forgot, to have credibility in here you need to be holding significant losses.

They have done what they needed to do in order to fight another day but are now in significantly more debt, still loss making, have given just on 10% of your holdings to parties they are paying a 15% interest rate to and now have a put option that will dilute you between another 10 and 30% depending on the underlying LI price moving forward. Even friendly holders like James (bet his 5mill hit the accounts same day as TH in Jan) and other T20 holders wouldn't go above a 5c raise, not a great way to treat existing holders or SS who tipped in at 11c not too long ago, but as I said it better than the alternative which was clearly VA.

You now have a put option which will anchor the SP well below 3c once they draw down on that.