All loans are given against a registered security & I expect the...

All loans are given against a registered security & I expect the directors of CFE to have fulfilled their responsibilities by having a caveat over the TMC assets. If the royalty & loan terms are not met by TMC I expect the directors to exercise the rights set out in the loan & seize TMC assets irrespective of the fact that FT is a mate of TS.
If there is NOT a registered security for this loan then the directors are in breach of their duties IMO.