Baird,
I am as annoyed by anybody at the lack of progress with Citigold (although happy with slow returns since I am not a shareholder but just a member of the Australian Gold Trust, and pay tax on any returns).
Yet I can't see why they can go under. They have very little debt and a significant amount of assets. I would think that if they hit enough trouble to be unable to raise funds through a spp, they would be forced to sell some assets to survive. But there is no bank waiting to call in the administrator as there is no significant debt.
Management have done tso smart things (and only TWO):
(a) Finally admit before a quarterly that their production targets were going to be lower than expected;
(b) refuse to finance their operations through a loan. If they had done that, they would surely have disappeared by now.
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