Two days ago we are told they are finalising bridging finance,...

Two days ago we are told they are finalising bridging finance, but in fact they were putting the company into administration.

I wonder what happened at the arbitration hearing maybe they got the vibe of bad news and decided to bail before the lawsuit could be imposed on them.

The administrators will decide what is the best recourse for the company, it can trade again with shares intact but would need a viable strategy.
If they decide to liquidate then its good night nurse. I thought Gary Johnson had plenty of credibility, is there a way he could manage the company to some sort of recovery ? He certainly has plenty of shares at stake.