Whatever happens its going to get ugly. Around $2mil in debt...

Whatever happens its going to get ugly. Around $2mil in debt with similar market cap. So wind up shareholders get nothing. Recap, shareholders get diluted into oblivion. You cant raise money with that debt. Them converting debt to equity is the only way new investors with stump up. And they (especially anthony and probably Celtic) want their money back. So their shares will be at steep discount to give them the chance to sell/cashout. Only way to get money back.

As someone else said it will probably be 100-1 consolidation which is 10c, then convert at 5c and raise more at around that level. Probably less considering that is only 50% discount which the Celtic notes were getting anyway.

They were left with no choice. 20years of continuous losses and no sign of turnaround. Spending had stopped. No cash in bank. No willing investors. The longer the doors stay oopen the more they will lose. And cant trade while insolvent.

To be honest, the best chance of recap is a new direction. You've already lost the MD Palermo. Now is as good a time as any for a complete rebirth. Mining perhaps. New cash. New directors.

Whatever happens will need shareholder approval. But the important people owed money get high vote. Besides for shareholders the vote is simple. Get nothing or get little. You take the little even if it does look like a bad deal.

We still dont know what happened in court, but I guess this would have been the outcome anyway. Because Anthony want cash and PNO dont have any. So at least this erases that issue. And hopefully clears the messy debt structure of notes.