$1.25 rights price....unbelievable, page-2

Unbelievable has to be the understatement of the year.
The unedifying scramble by the board to raise capital by offering ever lower prices each time round play into the lenders hands. (Their advisers don't come out of this looking good either) The fact that the board has still not made a case for the urgent need for capital speaks volumes for their level of professional competence and regard for shareholders.
What other alternatives were looked at? If any of them had an ounce of professional pride they would do the honorable thing and resign. I for one will not be taking up the retail offer even at these ridiculous prices, as the current board will only trash the SP lower.