He can make another offer now if he wants, all he needs is to do...

He can make another offer now if he wants, all he needs is to do another copy of the IE report and $19m in the bank. Or he can choose to do it later like next year, when the economy decelerates and the Australian dollar is cheaper, as long as MC agrees the deal may go through at 20c or lower.

The world is in bad shape now, so I guess he can't sell the company back to HK or to Chinese investors anytime soon, not to mention he has other projects on the way which requires millions of dollars. Not much motivation to spend big $$$ in a bad climate, not Chinese style. Therefore I guess the deal is dead for the next two 12 months. Before the ann of no money, two of our top 20 holders have completely exited their positions, dumping millions.

Maybe you can call and ask the board why would they let the company spent shareholder funds on Lawyers and IEs given no money in the bank. I guess there's more story behind the scene. Although he is at fault it makes me no motivation to pursue the matter further as the burden of proof outweighs any economic gains.