AXL went into liquidation because they broke bank covenants. FEI...

AXL went into liquidation because they broke bank covenants. FEI does not have this issue as they access their funds from depositors directly. What AXL going out of business does is create great opportunities for FEI. They can be selective with the good customers that will still require funding for equipment.
During the GFC, they had a property book they needed to manage and that was the most effected part of the GFC.
Wait for the year end results at the end of this month. I am expecting a result that is either slightly profitable or just below, either way a major improvement after all the costings of the merger.
With a new management team in place, I only see Blue sky for FEI in 2019/20. Retained equity in the business is higher than the current cap of the coy. Meaning if it was taken back private, loans collected and deposits returned, the business would have $15m cash left over for shareholders. Effectively valuing the business at zero. That will change once the 1/4ly results show solid profits. I am expecting that in the june 1/4. And they will achieve that from their NZ operation alone. The Australian operation is yet to start. With the ASFL now in place I am expecting a ramp up in the next 6 months. All they require is capital to use at PAR for the RBNZ. Have a look at WZR...FEI have a much better business model than them.