my theory

The banks and hedley have refinanced NLG through to July 2010.NLG has continued to meet finance costs to the bank through cash flow.The hotels are a cash flow business and the banks know this.They reported a half year loss and the banks didn't have much choice but to refinance.My theory is that a deal has been done with Hedley and the 12 Hedz pubs he owns in that this is a bargaining card with the banks.The share price of 1/2 a cent is just about non existant and you can become a substantial shareholder fairly easily.