As I understand it right now, based on discussions I've had with individuals involved with the company, is that Metal Storm LLC is still solvent, and is operated as a separate company. They can continue operating until the debt is called in (I believe they owe 20M or so to Metal Storm Limited, and Metal Storm Limited owes money to the creditors ...). In theory, if Metal Storm LLC got funding, they could pay off the debt to Metal Storm Limited, screwing us all in the process. They are awarded their own contracts in any case. It's not a good situation for anyone who has invested in Metal Storm Limited independent of the current voluntary administration situation right now.
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