Ann: Appointment of Receivers and Managers, page-10

Appel was unable to articulate how profit would be reached. He should have let secured creditors know of the plan before they put the company into receivership.
This receivership announcement sounds like a liquidation and by ceasing trading, the company is not returning ever again.
It didn't take long to pull the plug and I'm sure more could have been done to avoid this debacle. Meydan should be fighting to keep the company alive rather than resigning and banking a loss.