Given the revelations in the last few weeks, one could...

Given the revelations in the last few weeks, one could legitimately argue that the assessors are completely incompetent. Especially given that we still haven't had a real independent review of the assets, cause all they did was appoint the same people who previously valued them to.... re-value them...

The previous share price should never factor into your decision making, the outlook for this company 10 weeks ago is fundamentally different than what it is today.

Looking at the metrics and IF you actually the view they are being factual, they have a NTA of $2 ish a share. So they are currently trading at a discount of 25%. That discount is by no means high enough given the following:
1. Pending class action (there HAS to be one)
2. Cashflow risks (6 weeks of cash left from 30 June at current burn rate)
3. Pending valuations yet to be disclosed - ie Risk of further writedowns.
4. The serious credibility hit they have taken.

Given the risks, this business actually looks like it should be $1 a share or less. Ask yourself this, what is the value of a company that could be insolvent is circa 8 weeks? The really telling thing about this company is that the founder has been remarkably silent in the last few weeks. Given he exited for $11 one would think that at $1.50 its the greatest bargain in the world and he should be buying - he knows the inside of this, he sees all the deals (you gotta assume he is on the call sheet as an investor in each fund???), he would be the shareholder with the most intimate knowledge of the future of this company - especially if he thought it would return to $11.

Hell, him lobbing even a small part of the $8mil he cashed out at (call it $500k) would inspire investor confidence in the stock. It would bump back up to $2.50 overnight. That would be a $250k profit over night, before you factor in the increase in his balance shares. That has to be a better investment that the horses he is buying.

But he isn't.... and nobody of substance is moving onto the shareholder register... what does that tell you.