Ann: GMY: Bailment Agreement with Stargroup Limited Receivers, page-4

Oxxa, imo it has to be the lender forcing events to recoup their loan.

This whole event is bizarre - normally companies work with their lenders to re-negotiate their debt and 9 out of 10 times they do. When there is a good working relationship this is normally possible, so my conclusion is that the relationship is not good. We can only speculate why but I remember it took months to arrange the finance and I guess that process caused bad blood between the 2 companies.

I think the company's underlying business is sound, but the whole approach to financing the most recent acquisitions has been completely botched and we (holders) are all now paying the price for too ambitious a growth agenda.

The GMY ann's today are encouraging and support the view put forward by Autosime and UnclePanda that probably the receivers will work towards keeping this business going but it will come at a hefty cost of dilution - perhaps really the way the expansion should have been financed in the first place - at least then it wouldn't have involved "fire sale" circumstances.

We can only wait and see. I'm not expecting much to be honest but hopefully I'll be surprised to the upside one day.

Cheers, Sharks