the recently departed exec chairman appears to have left quite a mess behind up in Vietnam.
ill bet he left it to the minor partner in the joint venture to run it and run down all of ata's cash. These offshore ventures don't work by remote management especially with a Chinese partner!
no production last qtr means all cash being burnt by fixed costs. Needs cash now or walk away. Imagine that- MW took only 18 months to lose all control of operations in Vietnam, fail on poorly executed delivery contracts to customers and peel all the Australian assets out for one of his clients in Balcatta.
it will take a miracle to salvage any of this.
ATA Price at posting:
3.0¢ Sentiment: Sell Disclosure: Held
