staggering loss of equity , page-4

yeah it's hard to know where to start with this company. where did it all go wrong? and how could I as an investor have handled it better. Was the whole show a sham or were there warning signals.
I'm sure the investors close to the company must have realised things weren't going so well quite early on. From the company stock exchange releases it was a whole different story - and it seems that the auditors and several fund managers were fooled as well.
difficuly to see how any of the vendors are now going to accept shares in place of cash. the trading update yesterday didn't really satisfy my need for detail. what happened to the outstanding receivable? - what happened to the mystery Alloair company and will shareholders ever know the details of what appeared to be a related party transaction, and a transaction that may end this company.
This company is now heavily geared with at least 40 million in debt and vendor payments owing.

Maybe it's just a simple case of the directors not knowing what the I in EBIT is!!!!!!! Of course they are still expecting to trade profitably.....at an EBIT level!!!!