creditors are restless mining camp is missing

Another absolute shocker from FAS with a few very interesting gems in the half yearly.

Past due loans and accrued interest of $7.2m and trade creditors and payables of $4.3m with $2.6m over 90 days but alarmingly legal action by creditors is under way.

One lender has snaffled the GWR shares held as security post 31/12

One creditor has commenced legal action for a debt of $112k

Another has commenced recovery proceedings action against FAS with respect to a trade creditor of $600k and a secured creditor of $2m.

Looks like someone else has taken action and purloined the mining camp with claim by FAS and counterclaim by the other party over the missing mining camp which is in mediation.

Still all consulting contracts have been terminated at 31/12 saving $65k a month.

It is going to take more than that to save this deck of cards.