Mr Q " I think what GXY mgt are asking is for that agreement to be set aside and a new agreement be approved"
In essence you are right with your assumption. The problem is the management. The management have had quite some time to prove their calibre and expertise in their roles. FAIL is there pass mark, I do not think any logical person would disagree on current performance. Therefore why would you allow failures to carry on governing and renegotiate a new deal. At what point do you cut loose the anchor that also put the hole in your boat. The ship is sinking and it is time to abandon and swim for the shoreline.
Back to reality, $50million assumed in the bank will not cover the $62m bond holders, on going admin, interest and 50% Jiangsu running costs.
Assets or not the company is insolvent and bankrupt and only another CR will save it. Are you keen and have faith in the managers? A share price once reaching for $2 now at 2.5cents with a trading halt
I am not being a pessimist but a realist who hopes to see other shareholders condemn this deal along with the management at the meeting in February.
Personally I am very cautious and anti to putting a company into receivership but I actually believe it is the better option. To accept the current proposal is to lose all.
GXY Price at posting:
2.5¢ Sentiment: Sell Disclosure: Held
