unable to extend closing date, page-8

Good to hear your thoughts greatdrewman.

I'm still trying to work out the new Top 20 and who took up the R.I. and who didn't. Has anyone any suggestions?
Wish they would have clarified that, as we are still left with "assumptions' which, clearly, is the major problem, apart from that consistent seller, that has obstructed us from having a "normal" market since the Convertible Notes payments were converted into shares and blew our market cap to over 21 Billion!!
Frankly, all we can now do is to wait for the outcome of the GM and see if that resolution for those debts to be offset with shares is passed and until that is known, how can you expect anyone to even consider buying shares in LNY?

IF they had left it as it now stands, I wouldn't hesitate recommending buying with the new I.C. and with $700,000 in cash. At these prices ALL SHs would be able to stay in the game and to significantly increase their equity and very significantly average down their cost base.

THAT would be great and SHOULD have been the first step.

Now we still have the threat of the company folding completely if S.B. doesn't get his way. Nobody likes being painted into a corner the way LNY shareholders have been and that's mainly why they only got a 10% uptake of the R.I.
And IF it does go through, we are back with a billion plus I.C. The resolution is a NO CHOICE decision and then it is ALL about TRUST!!

SH's will have no voting power when S.B. goes above 75% and their shares will be diluted nearly 3 fold further, losing the benefit of the current increased equity and of having a much better chance of getting back into the ball game.

You are dead right, if everything continues as S.B. hopes, existing shareholders will have nothing other than to fully trust S.B. COMPLETELY and will certainly have to wait MUCH longer to see their S.P. increase sufficiently to get anywhere near some value return for their initial investment.

$700,00 is nowhere near enough for what they need to do to restore enough more value to affect the S.P. and it will be most interesting to see if they can place any of the shortfall, which, surely must now be their top priority.

So, while we can only rely on trusting S.B. and seeing what his intentions are post G.M., we can do nothing more than to watch and hope. NOT an ideal situation for any S.H. and frankly, surprising how both ASIC and ASX have allowed it to proceed, but, when there is a genuine and legal right for the company to be wound up if it doesn't proceed, they probably had no alternatives either.