In hindsight, it looks like it is a massive management balls-up. There seemed to have been plenty of times to solve the issues before they got to the point they did - there didn't seem to be much foresight. Looking back, a reluctance to cap raise really hurt. When the issues popped up, it seems like it was rushed into admin/liquidation - obviously we don't know the finer details.
All in all, it is what it is. There was (is) large value in the assets owned by the company, but, we never got to realize the value. Perhaps a recapitalization can occur and this isn't a full write off, again, there is value there. Perhaps it can be sold for something and some funds are returned to SH.
I consider this a write off and lesson learnt - no matter how good the "assets" may be, you need the management to be on the ball and make the right decisions when needed.
RVR Price at posting:
7.3¢ Sentiment: None Disclosure: Held
