To quote the AFR:
Ms Cheadle and other SurfStitch shareholders had questioned the value of the convertible note, given that the administrators valued EziBuy at between $188 million and $293 million, based on sustainable earnings of about $22 million. When Alceon bought EziBuy from Woolworths last year for $10 million it was earning $2.1 million.
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Its was a joke valuation. A total shafting.
