Just on the subject of secured creditor, how could it be in the interest of a secured creditor to run a junior developer into bankruptcy? I don't understand the mechanics of that? Where is the payoff?
I mean, Toe holds no hard assets to sell-off, just a rapidly dwindling cash pile and Wiluna itself. The EV is currently sitting at approx. $12million. It's already dirt cheap, no? Under any bankruptcy and administration scenario, Wiluna would be sold to a third party, to cover all secured debts. Yes, Mega's credit would be made whole, but, it would also lose it's entire investment, as all holdings would be wiped out, no?
TOE Price at posting:
17.5¢ Sentiment: Hold Disclosure: Held
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