There are open minds that work in factthere are open minds that...

There are open minds that work in fact

there are open minds that work to increase ambiguity and shades of grey to enable defamation of a company and board of directors

Either way we have a fact base

1. BOD loaned monies without security
2. BOD loan was repaid in full before administrators were called in
3. Administrators were called in suddenly and before the originally understood date for finalisation

There are a few inferences a person could make from the above facts, however that's all it is, an inference, not fact and therefore potentially defamatory or libellous

these are:

1. That the bod took action to recover their own interests ahead of everyone else to the value of approximately $1.2M
2. That the bod were repaid loans on a pre-agreed timeline or some other reason which is perfectly acceptable if a BOD was under the assumption that the loan note holders were to remain true to their dates and open to the deal under negotiation at the time

For me, if the objective was to recover cash as they knew administrators were coming, surely they would have recovered more than circa $1.2m... afterall $1m is 0.001 of the wealth of some of these directors, surely if they were going to take nefarious actions they would have done so for more than something which could have been a rounding error on their personal wealth.