Basically Zip backed themselves into a corner with their reckless expansion plans when it was obvious they were under capitalised.
WBC would have recognised this and dumped them.
I am sure they would have sounded out replacement traditional lenders or long only funds but eventually had to resort to hedge funds.
It appears they have not learned from their mistakes and spunk another $50 million on Zest and spend hundreds of millions on marketing and employment costs, continually weakening the balance sheet.
If I was them I would not invest further in Zest and hope they can double their investment value in the next funding round for Zest similar to CBA with Klarna
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