Ann: Directors and Company Secretary Resignations, page-24

Why do you think the money is not there?

Why would they defraud Australian investor for a measly $3 mil

let me put it this way.

$120 mil cash, minus $9 bondholder debt = $110 mil cash left.

Now the owner hold 80% of the shares, which entitle him to legally receive $88 mil in cash.
Why would he go stealing $120 mil cash and risk jail plus claw back, when he's already legally entitle to 75% of that cash worth $88 mil... it just doesn't make sense. That's why i don't think the owner have any incentive to defraud the bondholders and other shareholders.

What’s more if oil price does make a comeback, company will be worth $200 mil, owner cash stake would be worth $170 mil after bondholder debt payoff.

Why steal something, when you are already legally entitle to it? that's just stupid.

sure, i don't trust management. But i do trust they are not stupid.