Pecora, the prospectus clearly states that in the event the minimum amount required isn't raised then the funds will be returned. Until such time as the minumum amount is reached the funds will continue to belong to the investors. I suggest that the funds will be "ring fenced" and cannot be touched pending the finalisation of the CR.
Navy, I won't get the chance to have a good look at the deatils for a few days but I wonder if breaching of the covenants plus the inability to repay the loans is boardering on insolvency in which case the directors would become personnally liable.
ASIC have asked if we have any positive proof that management were aware of the $6m loss prior to the 20 October presentation. Can anyone out there help????
NMS Price at posting:
8.4¢ Sentiment: None Disclosure: Held
