True the banks could have been pissed off but equally could have improved the security position of the banks if you adopt a cynical position and said:
• The banks had every intention to appoint following Dec-15 sales
• The incoming lender was going to fund inventory which was needed for Dec-15, would convert into sales and the proceeds of those sales would ended up in the secured creditors overdraft (reducing their debt exposure)
• If they appoint before the loan is repaid they would be better off.
DSH Price at posting:
35.5¢ Sentiment: None Disclosure: Not Held
