This looks like a stitch up job. The "outstanding liabilities"...

This looks like a stitch up job. The "outstanding liabilities" they talk about I will bet you anything are primarily directors' fees, etc. The Stanton's opinion is that in the absence of anything else, this is not a bad deal. Problem is, nobody is really working hard to get another deal done (why would they if it is in their own financial interest to get the asset as cheaply as possible?). This thing smells putrid. At the same time, Merchant is obviously happy to get their hands on a shell and reconstruct - nice to know that existing shareholders are treated preferentially if they want to prop up the shell. My view, vote NO in EGM, and force their hand to really look after shareholders.