I think the most likely outcome of Bell 2 is that the regulation...

I think the most likely outcome of Bell 2 is that the regulation remains in place at the Star until someone can be found who is willing to take over the licence. Unfortunately, I think that will happen through the mechanism of some kind of voluntary administration arrangement because no one will lob a takeover offer until: a) the AUSTRAC fine amount is known and b) what regulation the new licence holder would be subject to. In the time it will take to identify someone we will have paid another year of $1M salary at least and the best and likely way forward will be for the Board to appoint administrators to broker the deal. When that happens, the private money that comes to buy it will not want to pay much so I expect such an offer will struggle to reach $1.10/share unless the above matters are resolved. I'm continuing to hold but fully expect to this to end badly for (almost) all retail holders. I'm not trying to be pessimistic but I think it's too far gone now as a business with no end in sight to the regulation.