Mentalist123, page-19

Oldgold, I saw what was happening at DCN and Sydneyguy pouring on the heat as well.This is a shocker of a deal by TBA. The directors of TBA have NOT offered the company as security, but the 100% of the assets. Leaving an empty shell, so they can use it again. They can then do it all over again. Once the assets go they stay in and retain the company. But they will need massively deep pockets and plenty $$ assets before that will ever happen. Obviously cheap lawyers and no DD on prep of the agreement. If TBA goes bad (my guess 45 days) the receiver comes in. The lender gets nothing but a distribution after all creditors and the guy who got the 200 ounce bar.will have to hand back if goes under with3 months from payment.Also means we’re trading whilst insolvent ( can carry incarceration) meaning directors have to sell all their assets to pay all creditors including the $4.25m and $500,000 cash advance. No thought went into this loan. I feel sorry for the last director Coombe’ he walked into a trap. He’ll just have to start again.We all lost so he has to as well.Apart from .that is legally the directors can’t offer 100% of the assets because they don’t own them. This rotten loan requires shareholders approval because shareholders own the company not the directors. My guess be all under water shortly. No hope ever repaying $4.25m and $850k in 90 days.best throw another “lump of steel” in the cone crusher and call “force majure”. What a train wreck. I’m with you Oldgold, plenty more in this posse. This needs to be a SMH special .where’s Pier Point ? someone said! Where are the financial and “mining journos” . Must all be on pregnancy leave or following the global warming BS.God help us!!