I told you good time to buy, page-661

To answer your question we no longer have a short position in the stock as having shorted it relentlessly there is no more ," meat on the bone "

Last week I said it was a technical buy having completed an island reversal bottom.

My belief as it always has been is that they will go into liquidation.

You have both the warehouse funders who are secured by the receivables book and the $500 million bond holders who must be looking at the position right now and questioning the likelihood of getting their money back.

They have $300 million in cash and at a guess $100- 200 million of self funded receivables.

If receivers are appointed you would estimate that a significant amount of customers would not repay, and the bond holders may be asking themselves how it will ever be possible to get their $500 million back, are Zip ever going to generate a cent in profit let alone $500 million profit.

So as they are burning $25 million a month in OPEX the longer the creditors wait the less there is to recover.

In my view while I think the stock is a technical buy, there is no way in the world I would hold a position overnight as if the company is in breach of its covenants they have zero control of when creditors choose to appoint liquidators.