Just a crazy guess/wild hypothesis here, but hear me out...
He spent all the company's money trying to get the 2,000TPA plant working but failed, so had to shut it down. Just before letting the market know that was going to happen he made a desperate cash grab, convincing ATL to throw money at the company in exchange for shares, at a price of 14c per share (10x the price of today's low!).
That money is running low and the company will require convincing someone else to throw money at them just to keep the office lights on and the coffee sachets stocked. The previous operation they were working on involved about a hundred staff who had to be fired because they had insufficient money to continue, and even by the company's own figures it's just not worth trying now even if they had the money, which they don't.
The best proposal they can come up with for actually taking any action now requires literally hundreds of millions of dollars. As of recently that was arguably impossible and even the optimists admitted it would be challenging. Things have just become radically worse at least for the forseeable future.
It is going to be extremely difficult to just keep the coffee machine working. Maintaining attempts at working on the production plant was hugely more expensive than that and just couldn't be funded. Anything further will be drastically more expensive again.
Just my guess, but I suspect this may have something to do with it. Maybe.
What's your guess? JZ is too busy playing solitaire on his work desk or baking chocolate eclaires in the tea room, reminiscing about how much better the ones from the company bakery were?
AGY Price at posting:
1.5¢ Sentiment: None Disclosure: Not Held
A personalised tool to help users track selected stocks. Delivering real-time notifications on price updates, announcements, and performance stats on each to help make informed investment decisions.
(20min delay)