It is possible they're just pushing SMA right to the edge... then off the cliff. Then they pick up the pieces for a song when its under administration. It's not like CM are under any time pressures, they've got all the time in the world, there can be any number of delays, and CM can wait.
SMA on the other hand, possibly only has only days before another cap raising... then maybe a few months after that.
SMA is in a very weak position, with very very little bargaining power.
seems momentum building under .005 today, page-15
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