Well there were two cases against GCN today docket 7 & 40
Both were adjourned until the 23rd.
The interesting part is that the savvy Investor hasn't delivered the funds into the GCN account.
My understanding that the release said these funds were guaranteed.
There is currently no $1,000,000 to be seen.
This is the third adjournment.
The legal guys said that there were two transfers coming.
one of $250,000 and the balance on the 16th.
The ATO is chasing $365,000
The supporting creditor amounts weren't discussed.
So if this Savvy Investor doesn't deliver the funds - IMO this is likely see the liquidators appointed.
It is also interesting to note that by the end of the week the funds to end the SiS case with a former SiS employee
has to be delivered by the end of the week - or it's back to court for SiS.
If SiS doesn't pay this has has ramifications for the line of funding for GCN.
GCN Price at posting:
1.8¢ Sentiment: None Disclosure: Not Held
