I totally agree that the problem with PAN is the mis-representation. We are all aware of that it is a high risk and high return play subject to the macro conditions and would only invest as much as one could afford to lose. However, going into VA only 2 months after a CR is something needs to be explained. Did they do a CR when they were fully aware of the high probability of VA?
Ann: Appointment of Voluntary Administrators, page-40
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