This is just my own musing, but it I would guess that Mr Walker helped Buckingham/TopBetta during the start up phase by issuing a loan via a convertible note for say $1 million to assist with technology and platform development in 2012. It looks like the prospectus that they spend quite a bit of R&D in 2012 and Buckingham isn't a software engineer, he's was PE Teacher in Newcastle.
That Walker loan/note then converted into equity after XX months at $YY valuation, hence the significant holdings of RBW Holdings Pty Ltd at the time TBH was listed on the ASX.
Question for a court is where did the TopBetta loan funds come from? Did they come from Ray Walker or from his defrauded clients funds and was Buckingham aware of this?
Very sad story. Reads like a movie script.
TBH Price at posting:
34.0¢ Sentiment: None Disclosure: Not Held
