What a predictable outcome. Wrecking the joint on the way out, the only hope is that Finran (or someone else) can buy IOU out of administration. My biggest concern is that the IDSB deal has been a part of this money washing exercise, and we have been sold a pup there as well.
Just one week ago the ‘market update’ communication was all about positive earnings and repositioning the company. If the mobile banking and IDSB sections are profitable, I’m sure Administration could have been totally avoidable.
the only reason this is happening is because mutually assured destruction is preferable to the truth coming out, which would have happened come the ousting of the old board.
Ann: Appointment of Voluntary Administrators, page-39
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