They do not owe the company $2.15m. They owe the company...

They do not owe the company $2.15m. They owe the company $150k.

The company claim they spent $1m defending the S249F action - I believe much of this was unnecessary - the Directors chose to do so. This amount is clearly not owed by Vitrinite.

A further $1m is required to sort out some issues relating to the Queensland assets. Sounds like the board did not do their due diligence- very sloppy of the board and this has cost shareholders money. I believe the current CEO was board chairman at the time of the acquisition.

If the board believes that Vitrinite behaved fraudulently or broke any terms of the purchase contract then the board should pursue this in the courts. They have not indicated they plan to do so.