You're dead right, Legman, but I think that we should look at in...

You're dead right, Legman, but I think that we should look at in accordance with the requirements of the Agreements.

For memory, so I stand corrected, if need be,

My understanding is that the "8.5 Unused finance facilities available at quarter end (item 7.5) 5,000" is the result of a rock-solid agreement between NRZ and the Investor, guaranteeing NRZ a $5 million drawdown facility.

It can be initiated only by NRZ and must be activated within the agreed period.

Once activated, the Investor can take up its shares any time within the agreed period and, of course, under very generous conditions.

As you say they were cash strapped and were never going to make it through the quarter without accessing the Unused finance facility of $5 million.

This would not be the preferred situation for the BOD or shareholders owning to the extreme dilution. The BOD just won't cop it.

Enter the "Wang" with $1 million to save the day. It was not immediately ratified as stated, but why should it be put to the shareholders; it might be voted down resulting in potential problems. Leave it until the next quarter after it has done its job in fending off EECP for another quarter.

NRZ is now attempting to raise another $3 million. This should hold EECP off for another quarter of two.

The need for this extra money suggests to me that they are not expecting any early funding as the result of a Strategic Agreement.

So, Legman, they might be cash strapped, but with the financing facility, I believe that, if they can keep their creditors under control, they are definitely not insolvent.

But having said this, NRZ has a Current Ratio which must give the BOD nightmares. Couple this with an extremely low disposal value of plant and equipment (probably less than secured creditors), this company is on a financial knife edge.

I don't think anyone, other than Administrators, would benefit if this company failed.

Just my thoughts and opinion. I would appreciate some form of constructive critique for further discussions.