interesting read, page-11

I think there is something wrong with otakou's maths.

The article was published on 12 Aug.

On 12 Aug 23m shares @ $1.70 were worth $39,000,000,
Even though the 9m are pledged for $2.25m that leaves an equity of 9m x $1.70 less $2.25m = $13m in those shares

Maybe I am wrong but it is a lot closer to $50m than you suggest, if "cash" in the article can include "shares in GWR" it would probably include equity in the pledged shares