Hi TretchThe current board will have sought legal advice. They...

Hi Tretch

The current board will have sought legal advice. They can attempt to tie things up but if their advice is that WS claims are valid (he would have legal advice from James to say they are) then the board cannot simply spend the shareholders money on defended a claim that in all likelyhood they can't win.
If they attempt to do this the an EGM can be called and shareholders can remove the current board.
As Cygnet are the major shareholders they would need to be in agreement to a board change or another option is a hostile take over of the company.
As it stands the rig was not going to be put back into operation for months anyway as they were going to put it into the workshop for 3 or 4 mmonths to make further adjustments. They have already made adjustments to the rig which made it so it can't perform as it was designed (any wonder Telfer was a stuff up).
So based on normal 'timing' 3 or 4 months would more likely be 6 at least so if we are tied up for a couple of months getting this sorted out then I can't see as we have lost much.