bankers and auditors

Seems to me that View misjudged the time to get cashflow positive & did not arrange sufficient finance. Read their announcements over the past months - (Directors buying stock in January). Their plans were all on growth & future production.

In the Company presentation dated Nov 5th last year, View had a debt facility with Investec Bank of $15.6m, comprised of $10.9 for capital, and $4.7 in bonds (not that I understand this part). Investec were enforcing a revised Life of Mine plan from View, which included rights to review the facility & on Feb 28th 2008 make changes - such as increased rate of repayment of the facility. View were reworking the LOM at that time.

By the Dec quarterly report, the loan appeared as an amount of $11.7m, with $9.5 drawn down. (Not much finance was left available). View made a statement in the quarterly about seeking alternates to the current debt facilities which...."due to it's structure, is restrictive on cash flows in the crucial early phase of the project".
Cash in Bank end December was $4m. The quarterly forecast cash outflows of $5.5m for the March quarter.

So, it appears that there was no spare cash to cover the January shortfall, and Investec Bank have not been willing to fund any further.

Sale of CH has not been completed, maybe because of the "conditions precedent" that Mincor said needed to be met first.

The last potential element is the auditors. Their definition of a "Going Concern", which requires either revenue, or a reasonably ready source of funds. Half yearly accounts are due, and auditors may be a cause.