You are generous with your assessment of judgement, I am less inclined to be so forgiving. The destruction of Wiluna continued long after Milan and Co left the building.
Agree with earlier sentiment that Wiluna needs $100M+. Question is, if someone could gather up the $100M+ required to recapitalise, what would they pay for the asset? If Mercuria sits first in line for A$52.5M, what hope do the remaining creditors and shareholders have? Borrowing another $6.7M last quarter is just deepening the hole, I'm surprised they have a shovel long enough.
WMC Price at posting:
20.5¢ Sentiment: None Disclosure: Not Held
