Radio silence from old Bruce since 1.5 weeks ago saying ‘no impact from Covid-19’. The world has changed heaps since.
Possibilities: 1. GCI could pull the US$5m facility a and call in the $4.5m before the August maturity - QFE doesn’t have the cash to cover without a rollover? 2. 255 Capital could serve termination notice for the $20m facility (12 months to repay)? 3. Total shutdown in California and New Jersey - still paying for the salaries of 8 BD / accounts staff in the US? 4. Bad debts - accounting and law firms shuttering as their customers default on their loans?
So exit and let old Bruce, young Dale and Waislitz carry the can themselves (GCI and 255 being the secured creditors)?
QFE Price at posting:
14.0¢ Sentiment: None Disclosure: Held
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