I'd say receivables are at most $90M at time of trading ceasing....

I'd say receivables are at most $90M at time of trading ceasing. It might only be $80M-$85M, since receivables were $70M at 30 Jun 22 with TTV of $344M ($63M at 30 Jun 21 with TTV of $231M). Assume TTV of around $430M at 4 Feb 23 annualised. So do the extrapolations (70/344 x 430) it gives you around $88M.

They have ~$17M in cash
- Debt outstanding would be $112M, so forget about cash for shareholders. Debtholders will easily get 90 cents in the dollar. OP Fidiciary may get all of its monies, but with other debtholders stepping in, they might have to do with 95 cents in the dollar, leaving shareholders nothing.

Without the recent receivables funding of $55M, this situation would have been worse for debtholders with amounts drawn down over $80M with receivables of $70M at the end of Jun22.

It looks like no one is backing the generosity of recent facility holders who increased funding by $55M and are happy to take 95 cents in the dollar rather than wait it out and potentially have 85 cents or less. It's greed, but understandable.

Surely, another investor is willing to put in $50M with a risk of losing $5M longer-term and easily collecting interest over $5M over that time period. It's simple maths.