I know you jest when you say good name, what good name those...

I know you jest when you say good name, what good name those days are gone, nobody funds you just because you are a past icon. You need evidence like a strong balance sheet and P/L and a positive cashflow. There has been a serious deterioration in HIL since Causeway chucked finance at them at 11%+.
Talking about that we haven't seen the B/S and P/L yet. They will be disaster. By my calculations $6M would not be near enough. That would get them to June or a bit later. I reckon KPMG resigned because they couldn't issue an Auditors Statement in all honesty saying they were an ongoing concern. I believe they would have had some qualification on their report.
What pisses me off is HIL arrogance they believe that they will get this funding, and they may well do, but when Mr. Brainless Idiot Moneybags does come along it just kicks the can down the road. It is like a giant size game of Snakes and Ladders. Remember that? Moneybags comes along up the ladder with cash we go. We hit next months reporting down the snake we come.
Do you know why? Because nothing is ever talked about fixing their inherent problems. Insufficient revenue, costs too high, poor management, margin too low, salaries too high to name a few.
Unless they radically change even with a cash handout (and that will be expensive) they will not survive long term. It's just not possible.
Oh have you also noticed they haven't got the funding for their insurance payments yet? They are chasing that too.