asic - do they have a spine, page-2

I think you mean to say creditors.:)

So then in support of your argument & deduction, what would you consider to be their last financial year's contingent liabilities based on your interpretation of the biannual Statutory Accounts & quarterly cashflow reports released? It must be something different to ASIC's ratio analysis for you to draw such a conclusion. I think we would all be very interested to see your calculations of which could then be put forward to the company's financial controller as a proper shareholder's enquiry...