The only thing I can say, victim of daylight robbery to the max. Who with legitimate intentions hire 'moelis' for a potential sale of the business. The company was deliberately "run to the ground" so it can be cheaply privatized via coincidentally a resigned director who happens to loan the company 'debt' knowing it would be cheaper to buy it via administration than a takeover on market bid. Entering in to VA allows them to exit onerous leases and in return allows Vicars to take over the company with reduced lease obligations benefiting the ultimate owner.
Surprise Surprise... there is really on one debtor in the company... and that's Vicars. But newspaper won't mention anything apart from... Oroton lost its way. UGG losts its way too, look how popular it is now after it got sold to internationals.
The presence of a no shopping clause etc on the deed of arrangement does not even remotely indicate this transaction is of arms length. Since Vicars himself is a shareholder and debtor, ideally he would want someone to bid for the company so he can cash out his shares. But no... he wants control via his "debt" that he conveniently loaned.
Given that he himself was a director maybe 12 years?. He's no white knight until he pays fair value for the company itself. Instead of watching it die a slow death to scoop it on the cheap and keep it private for a massive windfall in the future.
The comment about no interest in raising capital because "there's no demand in the community for a capital injection" is absolute bollocks. Call up LVMH, i'm sure they have a spare $50 million to bid for the company. Oroton itself is profitable, just the rubbish that got attached to it by Mark Newman clouded its profitability.
