Trade @ 1/3 net tangible asset backing 1/9 asset backing, page-5

Issue is their debt is really toxic - Pure facility of $20m at 17% and Family Office debt of $5m at 25% . Both will be in breach if they can't sell assets very soon.

Basically this is a game of chicken between people who might want to buy these assets, do we "save them" by buying now (and if so how low will they go) or wait to buy from the receivers at firesale levels.

Should be 15-20c if had a better debt profile but the whole thing has been destroyed by borrowing very expensive money and as such at real risk of being put in receivership.