business model broken

Intelligent Investor has an excellent report on the GTP fiasco.They conclude that the offer for a plantation project,used as an example, 'might make David Tweed blush'.They conclude that the business model is in trouble if the sales force turn against the company because of poor returns and this offer that uses some 'mysteriously assessed issue price of $1.10'.
On a valuation of the company's assets,they 'are not confortable with anything more than $1,500 ph for unencumbered freehold land'.GTP has paid UP TO $6,000 ph for land!!
It would be interesting to see KPMG'S initial report that supported the offer.It would be even more interesting to understand how the Independent Directors' could agree.