Thanks for your great work, agentm. I sincerely hope xState bankrupts each of the three, unless they pay their dues, and I think they will do so, if push comes to shove. I'll certainly be urging that as a shareholder.
Similarly, there should not be frequent ASX updates to satisfy the anxiety of some shareholders - unless there are material developments. That is especially so if there is talk about a possible settlement. Trust me; debtors who are on the ropes and looking to justify their decision to not pay up are prone to wishful thinking and might incorrectly see unnecessary public statements as a sign of lack of resolve. That's a distraction which we can ill afford.
IMO, one or more of the defaulters will eventually crumble because they will not want to be bankrupted, with all its restrictions and its stigma in business, and personally. The defendants' names already are being picked up in credit reports as defaulters. That's a terrible look for supposed financiers. Bankruptcy would be nightmarish for them reputationally, not to mention that it's not fun having your assets sold by the bailiff. Explain that to your family and friends.
This is serious business and we need to be hard-nosed about it; there are millions of $ at stake. We need to keep our foot firmly on the defaulters' throats and not twitch about social media comments.
If the defaulters don't come to the table with a very significant settlement proposal - not token nonsense - let's grind them into the ground. That will ensure that we don't get jerked around again by would-be financiers in future. More importantly, the defaulters will likely see sense when they realise they are really are going to be wiped out.
xState has done an excellent job in getting judgment so quickly against the defaulters. Management is more driven to succeed than is any of us. They also have duties to promptly report material information, so, we'll hear things when we should do. In the meantime, let's not distract our team with our own personal anxieties.
(20min delay)
