Ann: Suspension and Appoinment of Voluntary Administrators, page-306

Quite a few holders have posted that the corporate update posted by the company 2 days prior calling in the administrators gave no indication of trouble. And then suddenly, TON is in administration. And then say that based on this, things don't smell right.

The thing is, the directors need to call the administrators ASAP if insolvent. So calling in VA, if ever needed, was always going to be a sudden thing.

I think the directors might indeed use this corporate announcement and the fact that SH were blindsided by the suddenness of the VA as evidence that they have done the right thing - calling in the administrators ASAP.


If there was any question of wrong doing, it will then be up to the holders (esp those who bought shares from them recently) to show that the directors have known about the problem before releasing the corporate update and while they were selling their shares; and that the corporate update was deliberately released as a smoke screen while they sold out and to plant evidence for later exoneration - this is just speculating on all possibilities, of course. I am in no way saying this is what the directors did. All surface evidence available to the public points towards them having done the right thing and that they are honourable law-abiding good guys.

It's all just speculation until someone with a genuine stake in TON conduct a thorough investigation themselves.