Ann: Application for quotation of securities - MEL, page-17

Yep, Glennon can default MEL to secure their debt but then it puts their equity at risk.

In a wind up of MEL Glennon would get their debt re-paid but their equity would be at risk like all other holders. They are between a rock and a hard place.

You are across MEL and VEN @ggwill , do you know who the top 3-4 VEN holders are? (they are all noms on the Top Twenty list)

Hopefully Glennon and the top three holders in VEN are talking. Lack of capital and high costs are crushing both companies. A merged entity should be able to drop $400k qtr in operating costs.