Nice call. But I think it's worse than that, as the 4C shows they had a $900k leg up from the last bit of Fed Covid stimulus support, so there's other once offs in there getting them just over the line. Plus Item 3.9 while unexplained (even though clearly material), is perhaps another repayment of the loan to CCP. Assuming a further payment is due this quarter, the cash at bank won't go far (certainly not 5 quarters per the stress test in Item 8) - hence the fact (per commentary in update) they are having to sell up other assets (Volt, possibly adjacent subsiduaries like the law firm, maybe even the Vic collection business?). In short, seems like stripping off and burning one's clothes to keep warm just until that fire goes out.
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