I don't hold ERG so I'm not an expert with the details but I thought the problem that the auditors had was with unlisted shares.
I believe ERG received unlisted shares in a company as part of a payment. The auditors quite rightly felt that these could not easily be on-sold to a third party for any predefined amount.
I also believe that they are most likely still in a financial crisis but there is insufficient information in the public domain to know whether it is improving or deteriorating further. I wouldn't equate them with Worldcom but I doubt I'd buy their shares until there was clear acknowledgment from the auditors that they were a "going concern".
BTW Congratulations to both of you for going into so much detail even if you disagree with each other.
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