The $595,000 within 14 days places SDL in a very precarious position.
Referring to their last full Annual Report, as of June 30 2023 they only had $403k in assets.
Now.... before any of the clowns mention that litigation costs are being funded by Burford, let's recap what's actually being funded.
Burford were only ever funding the costs associated with action against Cameroon and the Congo in the international arena.
There has never been any mention this funding includes action against ANS on home soil.
It was guaranteed for an initial 3 year term, beyond which it had to be commercially viable.
(der!)
So, where does SDL find $595k all of a sudden?
Note holders and the mystery "private investor"?
Or will they be at Cash Converters on Monday morning flogging everything that isn't bolted down?
I do feel sorry for the SDL holders, but getting agro towards ANS holders is not going to change anything.
You should be angry with your seemingly incompetent BOD.
IMO, If SDL decide not proceed with substantive action against ANS in the coming days/weeks, then that suggests they do not have a case at all, which then questions the viability of proceeding in the International Courts. Which then means Burford turn of the funding tap in 4 months time.
Tick tock.
