no joking matter, page-3

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The problem is we don't know what is claimable by a financier who gave the loan in the event CTO defaults. Is it critical assets? Some times the financier will say pay up or else and if no payment then take the matter to court if the concern is that the firm/company in default will get into a worse mess and very little of the loan is then recoverable. You say the $275,000 is probably been spent which means this could come to a head rather quickly.
The problem for CTO re assets is that there has been no real apparent evidence of commercially mineable gold to date. Any gold must be too expensive for CTO to get at. An administrator might deem the mine is worthless on past performance and order a firesale of mine equipment.
A shareholder meeting could be a good thing as the direction of the company is reckless.