Lose of Registration, page-50

It comes down to whether the Federal and State regulators deem the activities of the group to be of a nature that it should not be able to hold RTO licenses. If dodgy practices are found and proved the regulators can make life extremely difficult. If this were not an extremely serious situation then why is the stock still in voluntary suspension ?
The fund managers you mention mean nothing to me, their portfolios are littered with mistakes over the journey, you would have to think they themselves would be thinking this is another one.
I don't know how much you know about Phoenix (correct spelling) but if it is not much and you are a shareholder I suggest you Google it and read up.