Ann: Quarterly Activities/Appendix 5B Cash Flow Report, page-14

You’ve articulated that perfectly and it’s exactly why I sold my position at a loss.

Goody is obviously prepared to put his equity position at risk by taking legal action against the company because he does not hold much faith in the future value of that equity. That’s says a lot about the project and management.

Why on earth would you buy the company under these circumstances? If he wins then ZEO is effectively bankrupt and if he loses then you have an aggrieved shareholder with more than 90 million shares to sell in whatever manner he chooses into an extremely illiquid market.

How do you value a company that is being sued by the biggest shareholder, has a desktop project being managed by a QLD University and a lifestyle board that gets all their equity using a non recourse loan at the expense of shareholders?

The biggest challenge IMO will be avoiding administration.