There's a number of reasons for why a lender will preserve with management rather than to put the company into administration/liquidation. Especially if there are complicated ownership structures and JV agreements to unwind.
In any event that's not my point. Opportunistic investors might see more than $20m in assets and therefore a possible dividend following a liquidation. For my money, it depends on what was acquired of the businesses when the purchase agreements were made with the JVPs. Did they purchase any real property? Can the DD of the company and EBIT figures be relied upon?
I dont think anyone is arguing that investors will get much of their $1.00 IPO investments back, but there's possibly a buck to be made at 0.06c - but I don't know. I'm asking for opinions.
SIL Price at posting:
6.9¢ Sentiment: None Disclosure: Not Held
