AEJ, page-4

Accepting this account suggests that REL had $5 million in the bank at the time the creditors foreclosed (assuming that Biogreen Energy didn't borrow money to purchase the Redbank assets).

Given the market capitalisation of $6.3 mil at the time trading in AEJ was suspended, I wonder if the directors might have been tempted to cut and run, returning capital to the shareholders (and themselves), wearing the 20% "haircut".