Aushed - good to see that I am not the far away from mooted...

Aushed - good to see that I am not the far away from mooted estimates - it was clear the $42m was way over the top and a death sentence to the company; can't understand why it was entertained particularly as the company undermined its own vanishing credibility (even more) by suggesting it - they really need to show potential "white knights" that they are committed (with skin in the game) to making this operation viable. My preference would be:

- leaving Kopias (CFO) , Mencel (CEO) and Whiteley (Sales) in place - only Mencel on the board.
- all other should be told go without termination payments (or if legally necessary payments in equity or payable on cashflow +ve)
- Pay off trade creditors with equity (i.e. they buy in) or loans (possibly with haircut)
- Chimaera take a "hair cut" and postpone payment (including interest) until CF +ve or take their payment as equity or a combination thereof (Patisson should go as he has not shown himself to be competent in allowing Chimaera to advance the $5.5m loan)
- current SH's get diluted (meaning VXLO are worthless); that will hit us all on HC (except Mungy)
- temporarily keep Lamont or Schache (not both) & Spurling as NED's but replace Spurling ASAP for a new Chairman with a remit to completely renew the board (except Mencel if he proves his worth)
- KMP's/Directors take a cut in remuneration (possibly made up in equity and debt payable on CF +ve)
- seek director loans payable (with interest) on CF +ve

We shall see what happens but will be lucky if it survives after this debacle; if so it will be the last chance.