I know you will get a response but it will just be a generic one and will not reveal any actions they may or may not take.
Proving insolvency I would imagine is not that easy ?? If CR is currently incurring debt on the company for whatever reason, how would ASIC, liquidators or whoever be able to prove the company was insolvent at the time of those incurred debts ??
Forensic accountants ?
I agree that it is a very high chance that it may be happening because the company has been paying down their creditors ( Halliburton is one ) yet have very little income. Remember 5% of the net profits,after tax from SRH #5 are going to the note holders as well.
So what agreement has the company come to with the Series 2 CN holders ? This really does intrigue me as they reached maturity in December yet no word on whether the holders have called in for their money back which would certainly break the company,imho. It's the coy's choice how they pay the debt if its called in, cash or shares at a 15% discount or a combination of both.
Why no word ?
Probably not material to the coy's survival I suppose ? There isn't too much that is material as far as this mob is concerned.
Hope the legal team are making progress ?
GGP Price at posting:
2.5¢ Sentiment: None Disclosure: Not Held
