Ann: Appointment of Voluntary Administrators, page-84

Paladin. Had $361 mln debt vs $80 mln market cap with $21mln in the bank. Shareholders took a massive hit but then went to be. 35x bagger from price where it went into administration. There are quite a few companies who have come back stronger and shareholders have done well.
As long as this process removes Miller and the Board, it’s a good thing. If they make it through administration I dont think Miller or the Board can come back.
This is a very different situation, NUH has a $21mln mkt cap, they have probably $500k or less in the bank with another $1.5mln in R&D rebates to coming in soon. The $2.5mln is not insurmountable.
The real problem here has been Miller.
It’s hard to believe that NUH tipped in $5-6mln in chip co-development costs without a signed commercial agreement. Was Miller being too uncommercial?
Probably if we look at his track record.
Perhaps RealTek was using the CN as a tool to force a different commercial arrangement .
It is a very strange way to get NUH if that was RealTek’s goal. If that is the goal, there must be something of value, why would anyone go through this exercise of taking a 20% stake in the company along with all the other issues.
I recall a number of people asked Miller about the commercial agreement in the webinars. Perhaps worth checking, but if I recall he did not indicate that it was not executed but stated that he cannot disclose as it is confidential and commercial in confidence . If that is the case, that may well be misleading.