Well that's that @Fatporka If VEN can't get their raise away...

Well that's that @Fatporka If VEN can't get their raise away what's next?

VEN had $2.2m cash on the last quarterly and Pures covenant is $1.5m so VEN is likely in breach by now? It puts Pure in a difficult position. They either need to amend their covenant to give VEN some space to re-organise or step in and take control? Even if VEN were given space to offload their 50% of Vali/Odin any proceeds would need to go to Pure so it only delays the inevitable.

Difficult for Pure also as the VEN facility makes up 13% of their fund so any moved will need to consider the affect on their own fund. A major capital loss would be bad for them also. Even though they are first ranked adminstration and a sale would likely put them underwater. The only genuine options I can see are VEN sells some of the silverware quickly to appease Pure or Pure steps in and takes control.

IMO whoever ends up in control of VEN in the short term to realise any value for VEN they really need to fund the Odin scale remediation. It is a low cost hail mary that actually could drive some value back into the VEN. It just depends whether Pure or VEN board are doing the work.

I remember years ago a smart guy I worked for told me "the second mouse gets the cheese"! IMO VEN board are stuck in the mousetrap.