Ann: Appointment of Voluntary Administrators, page-103

That is the question.
Last yr they “demonstrated” the new product and carried on about the new chip
Catherine Morgan claimed to be losing the FDA application
$5-6 mln was paid for co-development of the chip but with no signed agreement , that money doesnt just disappear
$2.5mln owed on a CN but RealTek wont convert but owns almost 20% of the company, their shares rank equal with everyone else’s
They pumped in around $10mln which includes the CN
And now we have a situation where Realtek wont renegotiate the CN nor execute the commercial agreement.
If it was simply a CN to an external financier this would be rather simple to work out an outcome,
But RealTek is both a equity holder and creditor , their equity holding does not get to be quarantined
And then you have a several shareholders with very deep pockets.
Who knows, hopefully something can be salvaged from the mess Miller created.