BT,I am sure HNC had the best possible legal advice to act in...

BT,

I am sure HNC had the best possible legal advice to act in the way they did and yes CMR probably had none which would be par for the course. However, the VA is not convinced by my reading of the minutes that HNC are acting in a proper manor in terms of the status of their loans and their behaviour in managing the facility. This only leads me to believe this is not straight forward. But, one thing for sure we have definite non disclosure of the true debt position and its highly probable that CMR were trading while insolvent on or before and certainly after the new loans were disclosed in October.