Worthind,AVX management have never stated publicly that they...

Worthind,
AVX management have never stated publicly that they have been offered a deal which they knocked it back. All they have ever said is that "they were in discussions." And, given the desperate situation the company has been in for sometime, I find it hard to imagine them knocking back anything that allows ATC to get to market. In other words, AVX is in a 'beggars can't be choosers' situation. With only a couple of months left of cash, they would be insane not to take the first deal on offer. So, I personally find their claim that they "are waiting for the right deal" to be intellectually dishonest. It is simply an excuse to justify the fact that they haven't been able to attract a partner.

With regard to the directors potential legal problems, I understand that these concern certain correspondence to shareholders and investors during the last capital raising and also following the withdrawal of PI88 from phase III. I'm not going to go into any detail on the allegations because hotcopper tends suspend posters who write about very sensitive subjects.