Yes - I think they are insolvent except to the extent that the bank allows otherwise.
I agree with you - if the bank thought they would get their money out of the assets on hand then this would be in liquidation. The bank is taking a calculated gamble to advance $4m against (I'm guessing) an underwritten equity raise, because they don't believe the assets as is would get them their money back.
Ann: MRG reaches agreement with NAB, page-7
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