10 out of 10 to my McSleuth friend Watso, bang on the money...

10 out of 10 to my McSleuth friend Watso, bang on the money again sadly to say for the mums and dads.

This has liquidator's now salivating at the jowls with wise non-exec director Brian Leedman jumping ship while the life boats are still in tact. Leedman by name Smartman by nature, coming from a bio medical background and wanting to keep his corporate health in order, still a chance to get on the Queens honours list young Brian!!

Now, the Con notes are a real ace card here for the holders or are they????

TJ says Watso's call below is very close to the mark on the ASIC query:

"for companies, there is a 15% placement rule, where within a 12 month period, a company cannot issue more than 15% of the issued capital. watso is not too certain, how it all operates, but maybe the recent issue of $750,000 worth of convertible notes, is a nice way around the 15% rule"..

boy oh boy - what if the placement is deemed to be invalid - and the company has to refund the monies?????

What if the shareholders have to vote it through and the major shareholders want to re-negotiate the terms........ooooooweeee, juicy stuff.

Even better scenario - what if the directors are liable to make good the money to the holders , they will be scurrying to keep this alive and raise some money to pay the holders out......bwahahaha....don't hold your breathe!!

I personally believe some of these poor buggers actually believe the asset has great value and one of the Gang of 4 will step up and try to keep it alive.

This is a definite Watch This Space stock, better than Underbelly and more grubby.