Thanks, worthy points. Food for thought!
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?
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